Client Profile:
A couple currently residing in a spacious 5-bedroom detached home in Stratford-upon-Avon, looking to downsize to a more manageable property in a nearby village.
Current Situation:
- Current property value: £950,000
- Outstanding mortgage: £89,000
- Available equity: £861,000
New Purchase Details:
- Target property: A charming home in a village just outside Stratford-upon-Avon
- Purchase price: £550,000
- Client savings available for deposit: £150,000
- Required bridging loan: £400,000
Our Solution:
Regulated Bridging Loan
Following our team carrying out a thorough market search on the clients’ behalf, we secured a regulated bridging loan with the following features:
- Loan term: 12 months
- Loan amount: £400,000
- Security: Bridged against both the current and new properties, allowing for a favourable interest rate due to the low loan-to-value (LTV) of 28.34%
- Interest: Rolled up (no monthly payments)
- Fees: All fees added to the loan
- Valuations: Free valuations on both properties
- Flexibility: No early repayment charges
- Monthly interest rate: 0.59%
Timeline:
- Offer produced within 3 weeks
- Contracts exchanged
- Anticipated completion: July 2025
This bridging solution allows the clients to secure their ideal downsized home while affording them the time and flexibility to sell their existing property at the right pace.
Feedback from Clients
We were overwhelmed at the service provided by Gary and his team at Steel River; they supported us every step of the way.
More than happy to recommend you to anyone, thank you
David & Alison
