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.
How did we help?
Emma and Carl’s broker heard about our short-term lending product with a two-year interest-only period and no early repayment charge, making it ideal for Emma and Carl.
They could borrow up to 60% LTV and their broker agreed to review the sale of the property to ensure that by the end of the two-year term, the loan will have been repaid.
Could our short-term lending solution help one of your clients? Give our Furness for Intermediaries team a call on 0800 988 1561 or contact your Business Development Manager.