Short Term Bridge Loan MortgageTemporary bridging loan mortgage
When you are in another group, please allow us to tell you a few moments about our short-term credit products. Furness Building Society's short-term loan products are interest only products that last two years even though they do not have ERCs and can therefore be used for short term use.
It' much less expensive than bridge and we can borrow 100% of the sale amount, provided the LTV is 60% max for both of them. When the loan can only be backed on one real estate, then we like to use only the new or only the old real estate as collateral.
In fact, we can even divide the loan so that the new real estate has a principal and interest payment component over a longer period (subject to the mortgage being repaid by the person aged 80) and the short-term loan on the real estate to be resold can be hedged. Furness has two choices: a current 5.24% floating instalment with a £1499 charge and a current 6.04% floating instalment with a £499 charge.
Neither of these products have an ERC at any point in history. It can be used for a wide range of applications, but one of the largest groups of prospective customers is the older borrowers looking for downsizing. This case is about Anne, a young woman who is abandoned in an enormous house and who sees her fantastic cottage.
We have already assisted many like Anne with this great tool and would like to discuss with you how we can help your customers. And Anne Jones is an eventful and self-reliant 77-year-old. We live in a large 4-room apartment in a beautiful town. Actually, it's not quite yet set to go to market; it' s anxious to do some work on it first in order to maximize sales potentials.
Everything went a little too fast, and Anne now finds herself feeling overwhelmed by the whole notion. Luckily for Anne, she turns to a real estate agent who talks to her about a Furness Building Society offering one. Anne will borrow all the cash she needs to buy the chalet, as long as the loan does not exceed 60% LTV.
For two years, the result will be that Anne will be able to pull in peace and quiet and work on her old home first. As she separates buying from selling, Anne knows that she can handle one thing at a stretch and move step by step as she sees fit, which is a big emotive advantage for her.
Most of all, the fund has no interest premium and is heavily pricing against bridge pricing, which means Anne doesn't have to be concerned about a spiral of debts. To her realtor, Anne says that she is enthusiastic about this choice; it is a true load off her shoulder. Your brokers call their Furness Business Development Manager to discuss the case, and the implementation proceeds rapidly, which means Anne is the property manager of two homes within a few short weeks and can begin planning her new lease of life. Your Furness Business Development Manager will be there to help.