Bridging Finance For Upsizing To Family Home In Shrewsbury Shared With Elderly Parent

Bridging Finance For Upsizing To Family Home In Shrewsbury Shared With Elderly Parent

Area
SHREWSBURY
Capital Raised
£550K

Many older property-owners have a considerable mortgage-free investment in their own comfortable homes, and are unwilling to move into either institutional care or a small “granny flat” in a family member’s home. The solution may be to amalgamate property values and upsize into a multi-generation home.

The Scenario

Our clients were a 75 year-old mother and her daughter and son-in-law, who were looking to sell their two separate properties in Surrey and buy a larger £500,000 home to accommodate them all in Shrewsbury, closer to the rest of their family.

It was a complex transaction: the mother’s higher-valued property was mortgage-free; the daughter and son-in-law had a joint mortgage. They were consulting a solicitor to determine their shares of a new property.

The daughter was a head teacher and needed to secure a house in the new location before she could apply for a new job in Shropshire at her level of seniority. The family had found a home in Shrewsbury which could be adapted to suit them all, and their offer was accepted; both the Surrey properties were under offer but the sales fell through.

They were in danger of losing the only house they had found which would work for them. It was going to be difficult (and expensive) to find a house of similar size to rent while they continued their home-hunt. They wanted to avoid the disruption of two processes of home-removal, and also the problems of living amongst the home renovation work which would be necessary in the new house.  

The Solution

A bridging loan of £550,000, secured against the sale of the two Surrey houses, would allow the family to purchase the home of their choice, and undertake the renovations before they moved in.

The clients wanted to be able to part-repay the loan as soon as the sale of one of the houses was completed, and we were able to approach a lender who would allow them this flexibility. 

At our clients’ request, we spoke to the vendor about their bridging finance arrangements and she was willing to take the property off the market in favour of our clients.

We kept the vendor in the loop while legalities were being completed and until the sale could go through.

Bridging finance allowed a complex multi-party transaction to be completed as quickly as possible, with the least-possible disruption to the family, and enabled them to move into a home that was ready for their lives together.  

In a similar situation? Please call our team on 0117 959 5094 or complete our enquiry form.

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

Do you need help sourcing your own business finance?

I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Louis Levine

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Bristol

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you.

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

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