Area: Clifton, Bristol
Loan amount: £160k
Our clients lived in the pictureque area of Clifton in the north west area of Bristol city centre and werein the middle of a full renovation of their property.
They had removed the kitchen and bathrooms and were in the process of upgrading, modernising and future proofing their plum,bing system. Due to this the property was uninhabitable as a residence for the time being. They had visited their high street bank – who was also their mortgage provider – for an advance on their existing mortgage, but due to the present condition of the property with little to no plumbing they refused to lend any further with the property as security.
With no clear options available they contacted the Specialist Lending Department at One 77 Mortgages. Following a fact find of the present situation we were able to source a bridging lender and secure funding for them to finish the work by offering a short term lend that sat behind their existing mortgage charge. This allowed them to complete the works and bring the property up to a habitable and modern standard.
Following this we simply remortgaged the client out with a high street lender on a more favourable deal than their previous mortgage provider and they were able to repay the loan on the back of this.
Best of all, we provided this service completely FEE FREE.
Do you require bridging finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.