Typically, clients are older, their children have left home and they want to move from their family home to something smaller. The majority of these clients will have paid off most or all of their mortgages and wish to release the equity in their property to allow them to complete their purchase prior to sale of the existing property. A standard mortgage or re-mortgage is not usually suitable due to the clients age and available income so they need to take advantage of the equity in their property and repay the finance upon selling their existing property.
We can provide short term lending solutions to cover the purchase of the new property which will be repaid when their existing property sells
- The finance is secured on one or both properties and clients can achieve up to 70% LTV per property, therefore 100% plus is achievable
- Typically, rates can start in the region of mid 0.48% pm (for 40% LTV), depending on the client/property profile
- The maximum term available is 12 months
- Exit solutions available, please ask