In a recent completion at Greenfield Mortgages, a client was in a difficult position where they needed to secure funds to purchase their new home in Anglesey overlooking Snowdonia. Their dilemma was that the sale of their current home wasn’t ready to proceed. The net loan amount was £132,000, the remaining funds came from the client’s personal savings.
Greenfield Mortgages was happy to assist with a regulated chain-breaking bridge and provided the funds required. The client plans on paying back the loan facility once their inheritance is received from the sale of their late mother’s property.
Terms were agreed for 12 months at a monthly rate of 0.65% with no exit fee and no ERC. A first charge was secured against the client’s new home. The net LTV was 38.82% against the purchase price of £340,000. No evidence of serviceability required as there are no monthly payments, just a bullet repayment to settle once their late mother’s property is sold.
Get in touch with the team at Greenfield Mortgages team to discuss your case.