Bridging Support Into Residential Care
Our clients, an elderly couple, were in the process of selling their home to fund their retirement to move into a residential care home. Unfortunately, the sale of the property was taking longer than expected and their need for residential care was becoming more urgent.
Our clients were unable to source help from their long standing high street mortgage bank due to their age (88 and 87) and limited income. To add to the complexity of the situation, the property had been assigned a power of attorney who was living in New Zealand and had never been a UK resident.
All of these factors culminated in our clients being unable to access finance they crucially needed to fund their care in the residential home needs.
UK Property Finance assessed the situation and through our experience we were able to quickly advise our clients on a suitable finance solution. As our clients could not raise finance against their property due to the executor being non UK resident and they were of a certain age with low income, we were able to source the loan on another relative’s property who placed a charge on our client’s property ensuring they were repaid once the sale of the house was completed.
This finance solution gave our clients instant access to their essential care home costs for both of them for the next 6 months. The sale of their property has now completed and the bridging loan was only required for 1 month.
UK Property Finance arranged the bridging loan over a 12-month term but without exit fees so there was no extra cost for our clients in ending the finance within one month.
UK Property Finance are a “whole of market” directly FCA authorised and regulated Master Finance Broker. Our whole market broker status enables us to source funds from any lender and offer the very best commercial finance rates.