Requirements

Long term clients reached out having found their dream home on the west coast of Scotland (complete with own Loch) for £1.45m. They wanted to see if it might be possible to purchase the property ahead of selling their current home

The clients had recently sold a business and did not have much by way of income but had built up a good amount of equity having recently renovated their current home. Enough to be mortgage free on Scotland once sold

Solution

With there being no income and still having a mortgage on their current home, a traditional mortgage was ruled out. The workaround came in form of a second charge bridging loan, sitting behind their current mortgage, but still providing all the money needed to purchase the Scottish residence plus costs.

The term of 1 year provided the clients the time they needed to market their current home achieving the price they wanted.

Popular uses for bridging finance

• Downsizing ahead of selling
• Properties in need of renovation
• Auction purchases