Bridging Loan For Home Improvements on a New Residential Property
The client was looking for a bridging loan to carry out home improvements on a new residential property he had recently purchased. He had bought the property in Burnley for a bargain price and was looking to upgrade and increase the value before moving in by adding a new kitchen and bathroom, extending the lounge and garage, and repainting.
The client’s current main residence had no outstanding mortgage and was currently on the market for sale. We used the client’s current main residence only as security for the loan, as this was the most cost-effective route, and the client was able to carry out the work to make the property habitable before moving in. The client was to repay the loan when his main residence sold, and he would then move into the newly renovated property.
Thanks to UK Property Finance, he was able to get the best rate available on the open market, and we as brokers were able to overcome issues that arose throughout the application process relating to ground rent and service charges thanks to our excellent relationships with lenders and solicitors.