Anne is a sprightly and independent 77-year-old. Sadly, husband Keith died last year and she’s still adjusting to a very different life.
Anne lives in a nice village in a large 4 bedroomed detached. She has lived there for 40 years, but since Keith died, it is too big. She would like to downsize but is in no hurry as she wants to find the right property in her village.
Unexpectedly, an ideal bungalow has just come on the market. The difficulty is that as there are only a handful of bungalows in the village, it is going to be in huge demand, and her house isn’t even on the market. It’s all happened a bit too quickly, and Anne now feels stressed by the whole idea.
Anne could consider bridging finance. However, she is scared by the idea of bridging, not least because it feels as though she would then be pressurised to sell the old house very quickly to keep the costs down.
Fortunately for Anne, she hears about the Furness Building Society short-term mortgage solution. As long as she can afford to repay the mortgage we can lend her all the money she needs to buy the bungalow, and this will allow Anne to move at her leisure, and also to do some work on her old house first to maximise its sale potential. By separating the purchase from the sale, Anne can deal with one thing at a time and move gradually as it suits her, which is a huge emotional benefit.
Best of all, the product has no roll-up of interest and is priced keenly against bridging options, meaning that Anne doesn’t need to worry about spiralling debt. It will all remain within her control and will be affordable for her.
Anne is delighted with this option; it’s a real weight off her shoulders. Anne is now the owner of two properties and can start to plan her new life.
If you are in a similar situation, or want just to talk around your options then call us 0800 220 568.