Regulated Bridging Loan for a Married Couple

Read through to find out how we helped the married couple secure the loan in time for Christmas, so they could move into their new home and live closer to their family while working.

Situation

The couple approached the Newable Finance team and wanted to relocate to live closer to their family however, their house was on the market for sale but wasn’t sold yet. Their current home was owned through the Help-To-Buy scheme and did not have enough equity to raise funds and their mortgage also had an ERC which required to be paid off now.

Challenge

They needed to raise the full purchase price of the new house, £280k but did not own any other property that could be used as an additional security. Thereby, their parents offered their unencumbered main residence as additional security.

How we helped

The  Newable Finance team found a lender with market-leading rates that could grant a loan for the full amount of £280k. The lender granted the loan for the property being purchased as well as providing a 3rd party charge on the parents’ property. The parents were not required to be part of the application or be directly liable for the debt, but they were required to take independent legal advice.

Results

The loan was funded in time for Christmas, so they could move into their new home and live closer to their family while working.