Moving home can be stressful enough without the added stress of selling two properties rather than one. Finding your dream home can be a once-in-a-lifetime experience that few get the opportunity to enjoy. A couple looking to relocate to the coast had found the one, but time was of the essence. The clients had two properties on the market that they needed to sell in order to buy them; however, their dream property wouldn’t wait.
Afraid they were going to lose the house, the couple needed to find a way of becoming proceedable while they waited for a buyer to come along for theirs.
The clients approached UK Property Finance with their brief, and the team set about looking for a bridging loan that could secure the forever home. The current two properties owned by the couple could be used as security against the loan. A lender had been selected on the grounds that they required a comfort charge on the second property as the equity from both properties was needed for the exit of the bridging loan. Having a comfort charge instead of a standard charge on the second residential property reduced valuation fees and made the application quicker, particularly as the couple were keen to secure their next property so quickly. The couple had already exchanged contracts, which meant they were legally bound to timescales and risked losing their deposit if they did not complete them.
The team at UK Property Finance were told at the beginning about the tight deadline, which allowed them to prompt all parties to keep things moving. Successfully, UK Property Finance managed to complete the process a day ahead of schedule, allowing a day to move funds. Throughout the process, the clients were given regular updates, so they knew each milestone and knew we were achieving their target. The couple is now living their best lives in their new home, all thanks to our ability to find a lender with a market-leading rate not available from many other brokers with a comfort charge instead of a full charge on the exit.
If you would like to find out how UK property finance could do the same for you, then please email us at [email protected].