Bridging can be an excellent way to help a retiring borrower to downsize – even downsizing to a property across the English Channel
Our clients, an elderly couple with an unencumbered property worth £420,000, wanted to sell their home in Torquay and move to France.
By selling their property, they could downsize and live abroad comfortably for their retirement.
They put their property on the market and found the perfect little French cottage to buy.
Unfortunately, their property had not yet sold and the couple were in danger of losing their retirement plans to another buyer.
The clients approached us and voiced their concerns about missing out on their dream property in France.
We secured an Agreement in Principle as soon as possible for our clients to provide the seller with evidence of their intent to purchase the French property.
We then were able to raise a bridging loan, secured against their existing property, for £155,000 within a number of days.
To keep the cost of borrowing to a minimum, we negotiated an exclusive rate which allowed the couple to purchase their dream property and cover the costs of moving before their existing property sold.