Loan Amount: £350K
We were contacted by our clients who were a couple who owned their home in the Hertfordshire town of Watford, and also had a buy-to-let property in nearby Hemel Hempstead. They were planning to move to a property in the Loire Valley town of Clisson in France where the wife’s parents had lived their whole lives, and where she was born.
Their property in Watford had an outstanding mortgage of £150k, whilst the buy-to-let property had an outstanding mortgage of £125k. Following many visits abroad they finally located a property on the outkirts of the town, but which was also conveniently close to their family with a market value of €399k.
Having found the property, which are hard to come by for this area of France, 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 scarcity of marketed properties in the area would mean they could potentially lose out if the vendors were to remarket.
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 Clisson, whilst the Watford and Hemel Hempstead properties continued to be marketed.
We contacted a specialist lender and were able to arrange a second charge regulated bridging loan on the Watford property, with a 70% LTV (loan-to-value), thereby giving them the full £350k they needed to purchase the French 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 couple’s funds to a French 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.
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