Emma and Carl: Short-term lending case study
Providing short-term lending
Who did we help?
Emma and Carl own their own home outright and it had been valued at £150,000. The couple is married and have a joint income of £53,378 with no personal debts or liabilities.
The couple needed to raise £60,000 on their current property for a deposit and had not yet put it on the market.
What did they need?
The couple had seen the home of their dreams worth £205,000 in an up and coming area and were desperate to move quickly so they didn’t miss out.
They had applied for a mortgage of £153,500 but needed to raise £60,000 on their current property for the deposit and had not yet put it on the market.
Why were they facing challenges?
The couple were confident their home would sell quickly and were happy to put it on the market as soon as possible.
For this reason, they were reluctant to agree to a bridging loan as they may have been penalised.
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