Using a Bridging Loan to Clear a Tax Bill - April 15, 2019

Area: London

Loan amount: £48k

Bridging Loan to Clear a Tax Bill

We were contacted by an existing client after they were contacted by HMRC, who were demanding a substantial tax payment from them which they did not have available at the time. They had demanded that payment be made to clear the account within 7 calendar – or he would incur further charges to the balance.

Having heard of specialist finance being used to solve such issues they contacted our Specialist Lending team for clarification. After taking into account all the details of the client’ situation we were able to act quickly by putting a second charge bridging loan against his main residence to ensure the money was available in time. This then allowed him the funds to pay the tax bill within the required time.

The second charge bridging loan was then repaid by remortgaging his property out with a high street lender.

Find out more about our finance solutions for tax purposes.

To discuss your individual situation and find out how we can help with your specialist finance needs, call our Specialist Lending Department on 01249 474 956.