Bridging Finance in Devizes
When a couple divorces and needs to separate finances it can be complicated when they have a joint mortgage, with either one party taking on the full mortgage or the property being sold to fund two onward purchases.
Mark* contacted Integrity Pensions and Investments for help as he had found a new home near Devizes, however the marital home in Chippenham had not yet been sold. In addition, the new property required significant building and refurbishment work that would need completing before he moved in. Our mortgage advisor, Ian, explained the benefits of bridging finance and how this would enable Mark to proceed with the purchase and raise sufficient capital to complete the refurbishment of his new home. Ian researched the market to find a competitive bridging finance lender. One of the lenders requirements was proof of repayment of the bridging finance that would require a residential mortgage at the end of the refurbishment programme as well as the proceeds of the sale of the marital property. Therefore, a Decision in Principle from another lender was also obtained.
As the bridging finance was to fund the development of the property as well as the purchase, the lender required details of the work to be carried out. Ian helped Mark with the various documentation required and was in regular contact with the solicitor to ensure the bridging finance completed in good time.
Mark has now completed on the new purchase and building work is underway. Ian has liaised with the lender as a portion of the loan will be re-paid on the sale of the marital home. Once the work is finished our mortgage advisor will be in a position to secure a long-term residential mortgage for Mark.
*names have been changed to protect our clients.
There may be a fee for arranging your mortgage. The precise amount depends on your circumstances. The fee is up to 1% of the amount borrowed, and a typical fee is 0.4% of the amount borrowed.
Your home may be repossessed if you do not keep up repayments on your mortgage.