Location: Clifton, Bristol

Loan Amount: £700,000

Finance Category: Residential Mortgage

The Story

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.

The Challenge

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.

The Solution

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

We specialise in Residential Mortgage Finance for Homeowners, including Bridging Finance. Contact Wesley Davidson Tel: 0117 989 7950 or email wesley@foxdavidson.co.uk to discuss your circumstances.

Wesley Davidson

Director & Property Finance Consultant

About: Wesley has been in the industry for 20 years and has a wealth of knowledge in all areas of property finance. His real passion is working with property developers on the funding of development sites. His work ethos is to constantly gain more knowledge in order to better himself and offer more to clients and to be contactable at all times, this sets him apart from his peers.

Favourite Film: Last of the Mohicans

Quote: “In complete darkness we are all the same, it is only our knowledge and wisdom that separates us. Don’t let your eyes deceive you.” – Fat Controller