Can’t Sell My Home!
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
A couple came to us in a flap — their sale kept falling through, and they were about to lose their dream home. Someone had whispered the phrase “bridging loan,” and they came to us to investigate — slightly pale at the thought of the costs. Rightly so and we were pleased to chat over the details with a nice cuppa in our lovely offices.
We explained the reality: bridging loans are a useful tool, and they could take that route… but they’re not cheap, and not always the right tool. From talking to them and understanding their mindset it appeared there was a better way.
We explained about Let to Buy (Buy to Let backwards!) — keeping their current home, renting it out, and remortgaging it to a level the rent would cover. This would give them the deposit they needed for their new home. We arranged a new mortgage on their new home and hey presto… problem solved AND they loved the idea of having a future investment property (their old home). Bit of a result!
No stress. No panic. No bridging loan – just a smart plan that worked perfectly, one that previously they never knew existed.
If they could, they’d shout from the rooftops: “Talk to Prospect first!” You don’t know what you don’t know!