Emma and Carl currently own their own home worth £150,000 and are mortgage free.
They have seen their dream home, worth £205,000, in an up and coming area and want to move quickly so they do not lose out.
Their joint earned income is £53,378. Emma is British and Carl is Australian, on a spousal visa which has been renewed once and is due to expire on 28/09/2019.
They have applied for a mortgage of £153,500 elsewhere so they can buy their new home and have no other personal debts or liabilities.
The problem they have is that they wish to raise £60,000 on their current property for the deposit but have not yet put it on the market, but have agreed they will do so immediately.
As their current property could sell quickly our Short Term Lending product, with a 2 year interest only period and no early repayment charge, suits their needs. They can borrow up to 60% LTV and the broker has agreed to review the marketing and sale of the property to ensure that by the end of the 2 year term the debt to the Society has been fully repaid.
If you’d like to talk to us about any enquiries which you may have, give our Broker team a call on 0800 988 1561 or contact your BDM