Bridging Loan To Break Mortgage Chain In Lancashire

The Scenario

Our client owned property in Lancashire worth £190,000 and wanted to move house. He'd found the perfect property: in a great location with an asking price well within his budget.

With an offer already in hand for his own house, he felt confident in making an offer to purchase.

But then his buyer pulled out at the last minute, putting the whole exchange chain in jeopardy and risking him losing the house he'd now set his heart on. 

The Solution

As soon as he called us, we acted quickly.

We could set up short-term finance secured against both his existing residential home and the house he wanted to buy, to achieve the full asking price he needed to borrow. The straightforward agreed exit which would repay the lending was the sale of his current home.

He received the finance in time to proceed to exchange and completion. And soon afterwards sent us the following message:

"Being let down by my buyer at the last minute was devastating, as I didn’t want to lose my prospective new home.

"Thankfully, you were able to arrange bridging finance for me; making sure that I had a formal offer letter within 3 working days, enabling me to ensure that the chain remained intact.

"I was then able to complete the purchase 4 weeks later. This speedy completion would have taken much longer had it not been for your consistent monitoring and chasing-up when required…had it not been for your timely intervention with the lenders to move things forward, I doubt that I would be sitting in my new home today.

"Once again Sam, my very sincere thanks for your diligence, tenacity and attention to ensure a speedy and smooth journey from start to completion.

“Hopefully, I will have sold my old house shortly; however, should I need to look at refinancing towards the end of this year… I hope that you will be able to assist me once again."

In a similar situation? Call our bridging loan team on 0117 959 5094 or use our bridging loan calculator to get an indicative quote