What do you do when you find the home of your dreams but need to buy it before you can sell your old home? We have a mortgage which may be the ideal solution.
Our short-term interest only mortgage lasts two years (although you can repay it in in full at any time during that period with no penalty). It can be substantially cheaper than traditional bridging options, and we can lend the full purchase price, as long as the debt is no more than 60% of the value of the two properties. If the mortgage can be supported on one property alone then we don’t need to involve both.
You will be required to make payments each month to cover the interest, so we will need to undertake an assessment of your affordability, but as you will be repaying the mortgage with the sale of your current property, we won't need to include the cost of a separate repayment method as part of our affordability calculations.
The Short Term Mortgage is suitable for a variety of purposes, and the below case studies explain just two of the different ways we can help you.