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 current joint earned income is £53,378.
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.
They both believe their property could sell quickly so they are relucant to agree to a bridging option as they may get penalised. Their broker hears about Short Term Lending product, with a 2 year interest only period and crucially featuring no early repayment charge, making it ideal for Emma and Carl.
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 015 1324 or contact your BDM
All our case studies are based on real cases but the names have been changed and stock images have been used to protect confidentiality.