£700,000 residential property chain breaker bridging finance in Bristol
Location: Clifton, Bristol
Loan Amount: £700,000
Finance Category: Residential Mortgage
Existing clients approached us needing to purchase their new main residence quicker than they could sell their existing home.
Our clients had a property worth £420,000 and had not yet found a buyer for their property. They had, however, found their new dream home which they wished to purchase for £825,000 and before they sold their existing home. They had no mortgage on the existing property.
As the clients had no mortgage debt the challenge was to find a competitive rate of interest which took account of the low gearing required, plus a lender that could move relatively quickly.
Fox Davidson secured terms on the existing property at 3.2% variable rate per annum with no set-up fees.
We raised £300,000 on their existing property and £400,000 on the new property at a rate of 2.1% again with little set-up costs and with complete flexibility to pay down the mortgage without penalty.
Both mortgages were loaned on an interest-only basis to keep the monthly commitments low. Funds were drawn down in five weeks, thanks to the solicitors recommended by Fox Davidson.
On the sale of the existing home, the clients repaid the £300,000 loan and reduced the lending on the new property.
Fox Davidson is an award-winning team of property finance consultants. To discuss your property funding requirements, please email firstname.lastname@example.org or call us on 0117 989 7950.