Downsizing Finance

Are you thinking of downsizing your home and therefore considering your possible financing options? Bridging Finance can enable the purchase of your new home while leaving a period of time to sell your current home.

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Bridging Finance for downsizing

You may be considering downsizing your home for various reasons and therefore considering your possible downsizing finance options to enable the purchase of your new home while leaving a period of time to sell your current home.

Most homeowners eventually downsize to a home that is easier to maintain with lower household bills. Many will also move to a lesser value home in order to release equity and assist with the financing of retirement.

Why Use Bridging Finance for downsizing

Finding that perfect property can be difficult, sometimes the right property comes along when we are least prepared.

Estate agents and vendors will prefer buyers that can offer a cash or ‘chain free’ purchase (no property to sell). If you do need to sell, then it would typically be expected that your property is under offer.

This may not be the case and therefore the property and opportunity are lost to a more prepared buyer.

Downsizing finance can enable a chain-free purchase, by raising a loan against your existing home and potentially the new property, the lender advances the full purchase price or what is required to complete the transaction. This enables the purchase but also ensures that you are in control.

The move to the new property can be done at your pace, additionally, you now have more time to market your home and achieve the best possible price.

How long can I take a bridging loan for?

Typically bridging finance is for up to 12 months. However, if you have the means to demonstrate affordability, longer-term solutions may be available.

How much does bridging finance cost?

Bridging finance has a reputation for being expensive, however, this needn’t be the case.

Certain lenders, typically building societies and private banks can offer terms at rates similar to a normal mortgage.

The key is ensuring your broker understands your circumstances and has a wealth of contacts in the bridging marketplace.

Which lenders offer Downsizing finance?

Specialist lenders, building societies and private banks are best suited to offering this type of finance.

The offerings can vary significantly in cost, loan amount and timing to arrange.

Speak with an expert

We obtain the best possible Bridging Finance terms by using our own in-house analysis tools in combination with our extensive database of lender contacts.

We offer a personal service and you deal with an expert who can understand your needs and deliver accurate solutions in a timely manner.

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