UTB eases stressful downsize with bridge

A recently widowed borrower has been aided by a bridging loan from United Trust Bank…

The woman was seeking to move to be closer to one of her sons which involved locating to a smaller property. 

This move, especially for more mature homebuyers, can be stressful as they look to coordinate the sale of their existing home with the purchase of their new one. 

The bridging loan removed these worries as it allowed the borrower to move at her own pace so she could buy her ideal home without worrying about losing it to a buyer who was able to proceed more quickly.

Once bought, the client could choose whether to move into her new home over several days or even weeks instead of a frantic completion day dash to move out of her old home.

“Our borrower’s property was not yet on the market, but she had found a bungalow to move and wanted to buy it before she had sold her 3-bedroom detached house,” said UTB.

“By providing a 9-month bridging loan of £196,000 secured on both properties, we helped the borrower to stay in control in her downsize and achieve her wish with the minimum of worry.”

LTV: 36%
Loan Amount: £196,000