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A couple in their early 80s who were looking to downsize from their three-storey townhouse and move to a lateral flat closer to their family. The property they were purchasing was a new build, and they wanted to be able to pay the holding deposit with the confidence that they could complete without being reliant on selling their home.
They had investments in place with their financial adviser that would have covered the purchase, but didn’t want to disrupt these arrangements given that they were expecting to receive the sale proceeds within a short period of time.
They also wanted the flexibility of being able to move home at their own pace, rather than having to complete simultaneously on their sale and purchase.
During the loan application, the couple received an asking price offer on their home meaning funds were only needed for one month. The loan amount required was £800,000, secured against both properties which had a combined value of £2,200,000 at a rate of 0.49% per month.
Disclaimer: This information is general in nature and does not constitute legal, tax or investment advice.