Case Study: Relocating using a bridging loan


There are many reasons relocating can be difficult. The biggest stress on home-movers minds is where they will be living next, especially when moving to a new area.

In this case, our clients were looking to relocate from rural Yorkshire to even more rural Scotland. They had found a great property in the perfect tranquil location with wonderful views but needed to act quickly on the purchase or it may be lost. The issue was the client’s property in Yorkshire hadn’t yet sold and was still on the market. Greenfield Mortgages was able to step in and assist by providing a net loan of £115,000 at a monthly interest rate of 0.59% to help towards the onward purchase of their new home in Scotland. Part of Greenfield’s loan was to settle the small £50,000 outstanding mortgage with Barclay’s on the Yorkshire residence. The remaining £65,000 was be used towards their next purchase.

Since lending the Yorkshire property has secured a buyer so once the sale is complete, Greenfield’s bridge will be redeemed.