Loan Amount: £200K
We were approached by two clients who were a couple who owned their home in Bristol, and also had a buy-to-let property in Weston-Super-Mare. They were planning to move to a property in Oslo, Norway where the husband’s parents had lived their whole lives, and indeed where he was born.
Their property in Bristol had an outstanding mortgage of £125k, whilst the buy-to-let property was £105k. Following many visits abroad they finally located a property on the outkirts of Oslo city, but conveniently close to their family with a market value of 2,143,000NOK (£200k).
Having found their perfect property they were now in a difficult position, as the high street lenders they had approached were not willing to offer a remortgage – or any other form of additional finance arrangements – on either property without the mortgage arrears they had accumulated being cleared.
With both properties on the market but without firm offers on either, they feared that the fast moving Norwegian property market may mean they would lose this rare property find in the capital city with a ‘close to centre’ location.
Following a recommendation they contacted One 77’s Specialist Lending Department for a solution. Taking into account all the details we ascertained that a bridging loan was required to allow them to buy the house in Oslo, whilst the Bristol and Weston properties continued to be marketed.
We contacted a specialist lender and were able to arrange a second charge regulated bridging loan on the Bristol property, with a 70% LTV (loan-to-value), thereby giving them the full £200k they needed to purchase the Oslo property mortgage free.
The bridging loan was arranged fee free and the lenders costs were rolled up into the loan (added on to the final payment). In order to move swiftly on the arrangement of the loan and to fit within the time frame the clients desired we also dealt with any consent issues from their UK based bank on the finance agreement. We were also able to recommend an international currency brokerage that was able to assist with the property purchase and movement of the couples funds to a Norwegian bank. All these factors helped accelerate the process, with the clients moving abroad shortly thereafter.
To discuss your individual situation and find out how we can help with your specialist and bridging finance needs, call our Specialist Lending Department on 01249 474956.
Alternatively book a call by using the contact form below.