Short-term lending case study: Emma and Carl
It’s no secret that the property market can move at pace.
Delays in decision making, financial approvals and even slow biddings can mean the home of your dreams painfully slips between your fingers
For British-born Emma, and Aussie husband Carl, they were determined to not let this happen and secure their new property as swiftly as possible. To help them on their way they knew they would need a flexible and reliable lender to assist them with the process.
Time is of the essence
Emma and Carl had been on the hunt for a new home and when a gorgeous property became available in a desired, up-and-coming location they knew they would have to work quickly so as not to miss out.
The couple, both in work, had a joint household income of £53,378 and had no outstanding debt or liabilities, which stood them in good stead should they need the help of a lender.
"When a gorgeous property became available in a desired, up-and-coming location they knew they would have to work quickly so as not to miss out."
When to sell
This was all looking good for Emma and Carl, but they were yet to put their house up on the market. Knowing that their current home would sell quite quickly, Emma and Carl were reluctant to seek financial help and apply for a bridging loan at their bank because they feared they may be penalised for the quick sale of their current home.
"The couple knew they needed the help of a lender with approachable and flexible terms"
Bridging the financial gap
The couple knew they needed the help of a lender with approachable and flexible terms - and this is where we came in.
Here at Furness Building Society, we were able to offer a short-term lending product with a two-year interest-only period and no early repayment charge -the ideal solution for their situation.
We were delighted to be able to lend 60% loan-to-value (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 would have been repaid.