Many people find themselves in the position of needing to fund a house purchase quickly. Whether buying at auction or having found your ideal home but not yet having sold your current property, bridging finance offers a solution. With rates having reduced significantly over the last few years, bridging loans are more affordable than ever.
Mr and Mrs M had found their perfect retirement home in a road where very few properties ever came up for sale. Whilst they had secured a buyer on their own home almost immediately, their buyer had a chain below them, meaning that their transaction would take 3-4 months to go through. As the sellers of their new house were unwilling to wait Mr and Mrs M were in danger of losing it.
Due to increased competition in the bridging market, JLM arranged a bridging loan without monthly repayments and on a far lower rate than the clients expected. As there were no early repayment penalties, the loan and interest was repaid in full once their house sale completed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE JLM Mortgage Services Ltd is authorised and regulated by the Financial Conduct Authority, (FCA), registration number: 300629. The FCA do not regulate some forms of mortgages. JLM Mortgage Services Ltd is registered in England, No. 470 1803. The guidance within this website is solely targeted at consumers based in the UK. *A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495. In some circumstances no fee will be payable.