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Client purchases dream home despite broken chain

A short term lending case study

Objective

The sale of this customer’s main residence had fallen through during the final stages, leaving them in a situation where the current owners of their onward purchase wanted to re-list the house for sale with the estate agent.

Obstacle

Due to the broken chain, the customer needed to raise the shortfall to finance the new property purchase in a short amount of time so as to avoid losing their new home to another buyer.

 

The only available security was the customer’s main residence that had an outstanding mortgage balance so Brightstar needed to obtain consent to the second charge from their existing lender.

Outcome

The client was able to raise the funds on their main residence to complete the purchase of their new property, at a rate of 0.90% pcm.  The case was completed within 8 days.  The client was then free to settle the second charge and outstanding mortgage balance upon the sale of the property.

 

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