United Trust Bank’s Bridging team was approached by a broker assisting an older couple in a downsizing house move. As well alleviating some of the stress and uncertainty that can accompany simultaneous sale and purchase transactions, the couple also wished to ensure that their purchase would complete ahead of the Stamp Duty holiday extension deadline, then set at the 31st of March.
The application was sent into UTB’s Fast-Track team using the broker portal. To secure the lowest possible interest rate, security for the loan was to be provided against both the couples’ existing and new homes. The exit for the loan was to come from the sale of their existing home.
With both security properties qualifying for AVMs, the loan was approved quickly and an offer issued within 24 hours. UTB’s panel lawyers finalised the necessary legal work in just a few days, enabling the customers to complete their purchase on their agreed date, within two weeks of application.
| Borrower | Downsizing older couple |
| Amount | £250,000 |
| Loan Type | Bridging Finance |
| Location | South |
| Term | 12 Months |
| LTV | 44% |
| Loan Purpose | Downsizing chain break |
| Special Features | – Agreed through UTB’s ‘Fast-Track’ service – Offer issued within 24 hours of receipt of application – Free AVM valuation |