For our clients, a far more convenient solution was available. When they came to us for assistance, we suggested the best course of action would be to take out a bridging loan:

• With a bridge loan, they could take out the full £300k needed for the extension project – quickly, and with little delay.
• This would get things moving again and allow them to finish the work that remained.
• Due to bridging loans being short-term (typically 12 months), the time allowed for repayment would suit the couple perfectly - as it was exactly the right amount of time to bridge the gap and have a repayment plan in place via the pension.
• When the term of 12 months was up, our clients would be able to repay the loan from the 25% lump sum pension Withdrawal.

Thanks to our broker, and the access we have to a network of lenders, we found a lender best suited to facilitate the £300k loan. 

Without our assistance, the couple might not have realised the available options they had, and may have been resigned to waiting a whole year with an unfinished extension disrupting their daily life. 

Thankfully, bridging loans can resolve these types of scenarios in a surprisingly simple and efficient way.

Once the work was completed, our clients could draw on their pension at the time of repayment. They wouldn’t have to worry about monthly loan repayments throughout the year – they’d pay it all back (including the interest) at the end of the bridging loan term.