Share this Article
A client came to us to discuss downsizing from their current residential property but needed to repay their existing finance fast. Following the meeting, it became apparent that the client was in some financial difficulties. The clients had taken a second charge to try and resolve the problem themselves. Unfortunately, they started to fall behind on mortgage payments which resulted in the lender pushing for the mortgage to be repaid. With arrears building at high loan rates and the pressure of the slow market it became apparent that our priority was to refinance as quickly as possible. As the client had plenty of equity in the property, we were able to achieve this with Regulated Bridging Finance.
The client’s income consisted of a pension and one salary. These circumstances made the pool of available lenders very small. However, we were able to source a deal with MT Finance. Our clients were able to repay their mortgage and second charge and are in the process of selling their home. Once the property is sold the clients can downsize as planned and repay the bridging finance. This solution has saved our clients the stress of being in arrears, high monthly repayments and pressure from the Lenders to sell within limited time frames or face repossession.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What our client said about working with us
“We had a brilliant service throughout this process. Kerry Cox is a fantastic asset to the team. Thanks again”