Our clients were a married couple based in Seaview on the Isle of Wight, who owned a four-bedroom detached cottage valued at approximately £850,000.
Area: Isle of Wight
Capital Raised: £400k
Date: 2019
Our clients were a married couple based in Seaview on the Isle of Wight, who owned a four-bedroom detached cottage valued at approximately £850,000.
They had lived in the property since 1978 and were both retired or part-time employed, with relatively modest incomes but a strong overall equity position in their home.
The property was their main residence and had already been listed for sale as part of their plans to relocate to Brighton to be closer to family.
The clients requested funding to resolve an urgent mortgage situation while supporting their planned move.
Their objectives were to:
The urgency arose because the existing mortgage term had expired and the lender was no longer willing to extend the arrangement, creating immediate pressure to refinance.
This case involved several important considerations that required swift action and the selection of a specialist lender.
The existing mortgage had already expired, meaning the clients needed to refinance quickly to avoid potential enforcement action from the lender. In addition, part of the repayment strategy relied on delayed overseas funds linked to a property sale.
The clients were also retired and had limited incomes, which reduced the suitability of many traditional mortgage products. The proposed exit strategy relied entirely on the future sale of the property.
Traditional mortgage options were therefore unsuitable due to the combination of time pressure, income profile, and the short-term nature of the requirement.
We arranged a tailored regulated bridging loan designed specifically to repay the expired mortgage and provide additional financial flexibility.
The funding solution included:
The lender selected provided the flexibility and speed required for a time-sensitive refinance supported by a clear property sale exit strategy.
The structure enabled the clients to clear the expired mortgage while also accessing additional funds to strengthen their financial position during the transition.
This case required a fast and carefully structured approach throughout the transaction.
We carried out a detailed assessment of the clients’ equity position, overall financial circumstances, and proposed exit strategy before structuring a bridging facility aligned to the planned property sale.
A suitable lender was sourced that could accommodate retired applicants and the short-term nature of the transaction while also moving quickly enough to avoid further lender pressure. The facility was then aligned carefully with the ongoing property sale process.
Throughout the process, communication between all parties was managed proactively to ensure the refinance completed smoothly and within the required timeframe.
The bridging loan completed successfully, enabling the clients to refinance the expired mortgage and move forward with their relocation plans.
As a result, the clients were able to:
Conclusion:
This case highlights how bridging finance can provide effective solutions for urgent mortgage expiries and transitional property situations where traditional refinancing may not be suitable.
By focusing on asset value and exit strategy, bridging lenders can help clients secure additional time and flexibility while progressing planned property sales and relocations.
