Case Study 3 - Naomi inherits a property
Naomi inherited a property that needed some work doing to it before it could attain its true market value. Whilst Naomi was in the process of applying for a mortgage for the property she began to strip out the kitchen and bathroom.
When the surveyor came to value the property he deemed that it was not habitable and Naomi was therefore unable to get the mortgage on the property she needed. Naomi also had no funds of her own to complete the works necessary to get a mortgage.
After using the Bridging Loans form to speak to a professional adviser Naomi was able to obtain L85,000 which enabled her to install a new kitchen, bathroom and completely renovate the property.
As soon as this was done Naomi was able to go back to her morgage broker in order to obtain a mortgage and repay her bridging loan.
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