Later-life move made easy by UK property finance.
A recent study by real estate giants, Knight Frank found the retirement property is going significantly grow in the years to come. It has been well documented that western society has an aging population and this is certainly reflected in the Knight Frank report. The retirement property market is forecast to reach a value of £44 billion by 2022, a 50% increase and the number of units is set to rise by almost 30%.
This has not been a quiet uprising with lots of UK town centres seeing retirement apartment blocks being erected with shiny new show rooms. Our clients from Basingstoke were among the trend who had failed to secure a bungalow and opted for a newly built apartment in a start of the art complex.
The couple had been married for over 40 years and had enjoyed lots of memories in their family home. The previous winter presented some health concerns prominent and the stairs seemed more of a challenge than before. Their pride and joy garden seemed too large to manage now and after discussions with their family, it was time to hang up the garden shears by downsizing to a smaller property.
After a lengthy back and forth of offers over a beautiful bungalow the couple had viewed their offer had been rejected and it was back to the drawing board. The competition was fierce within the locality for bungalows because they simply were not being built to supply demand. The couple decided to try the new retirement complex show room. Concerned that this would be a community of very elderly people with major health concerns, the couple were pleasantly surprised by a light and spacious community area with lift access to a stylish apartment. This had all the home comforts with gas central heating, ensuite shower room to master and even a spare bedroom for the grandchildren to visit.
The couple had decided this would be the best move and missing out on the popular bungalow had been fate. The sales representative at the complex had indicated that the apartments had been very popular and selling fast. To avoid any further disappointment the couple contacted the team at UK Property Finance to see how they could help. An initial consultation was held over the phone with an advisor and after understanding their needs it was clear the best way to secure the property was through a bridging loan. UKPF worked with the clients to form a clear exit strategy would be to use the proceeds of selling their home to repay the loan in full.
The process took a couple of weeks and the clients’ family offered a helping hand to pack. Shortly the purchase completed, and the couple began settling into their new home. Soon after the family home found a buyer who was extremely motivated to move quickly. The sale was completed in 4 weeks and the loan was repaid.
This is another example of how UKPF have found a happy ever after.