The Bridging team were approached by a retired man who wished to downsize and relocate from the Midlands to the North of England. His current home, valued at around £220,000, was on the market but he had found a flat he wanted to purchase before agreeing a sale of his existing home. He had negotiated a purchase price of £177,000 on the flat on the understanding that he could proceed quickly.
UTB was able to run AVMs on the security properties which meant no valuation fees for the borrower and no delays waiting for valuers to be instructed, make their inspections and report back.
Also, as the borrower had not yet instructed his own solicitor to act in the purchase of the new flat, he opted to use a solicitor firm from UTB’s panel to act on a dual representation basis, saving himself further money and time.
The speed and simplicity of the bridge enabled our borrower to complete his purchase as planned with the minimum of fuss and expense, move at his leisure and take the time to maximise the sale price of his existing home.
| Borrower | Retired Man |
| Amount | £165,000 |
| Loan Type | Bridging/Downsizing |
| Location | Midlands |
| LTV | 45% |
| Project type | Downsizing relocation |
| Special Features | – Borrower benefitted from dual legal representation and AVMs saving the customer time and money |