Bridging loan to repay interest only mortgage at end of term

Repossession prevented as clients’ interest-only mortgages reach maturity.

Client H came to us as their interest only mortgage came to an end, they were still making regular payments to their bank for a further year after the expiry date however the bank was recalling the debt and pursued repossession on the property if the client couldn’t get the mortgage balance settled within 4 weeks.

The property was a residential house with a barn conversion on the land that hadn’t yet been split from the title for the clients to sell this part. Due to the clients age, they were unable to get another mortgage on the property and long term they wanted to repay the finance with the sale of the barn they just needed the time to sort the split with the land registry and market the property.

UKPF provided a quotation to the client within 1 hour of the client making contact and got new lender terms within 48 hours, the case was processed through to completion avoiding the repossession taking place 4 weeks from initial contact.

The client was able to keep their property that they had owned for 25 years, apply for the split and market the barn conversion for sale to repay the bridging lender easing all the pressure that had been mounting on them from the original mortgage lender and the thought of them losing their family home.