Loan amount: £310k
We were contacted by a couple who were acting on behalf of one of their parents – a widow who was looking to downsize the family home following the death of her husband – and move into a flat on a retirement village in Salisbury. The lady’s daughter was acting on her behalf and was our point of contact throughout the whole process.
The family home had been on the market for some time, though as yet had failed to secure a buyer, with the only interest to that point being a buyer whose application fell through. This was unfortunate as the client had seen a property they had set their heart on and it was in their preferred location, not too far from the daughter and her family.
Having used our services themselves in the past, the couple contacted our Specialist Lending team to see if we could help. We discovered that due to the client’s age, the high street lenders she had approached were unwilling to provide them with any kind of mortgage, and the solutions they offered for short term lending also did not transpire as it is generally viewed that due to age and income factors that clients in retirement are higher risk.
Due to the expertise of our team, and because we have access to a broad range of non-traditional specialist lenders, following a fact find of the case we were able to source a specialist lender who was well versed with lending to clients in retirement.
We arranged a short term bridging solution, which also covered the costs of moving and our expert broker was able to arrange a repayment agreement that was to be implemented once the original property – the family home – had sold. The client was then able to move to the retirement village shortly after.
Do you require bridging or specialist finance solutions? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.