A Regulated Bridging Loan can be used as a temporary loan to pay for home improvements, before taking out a long term equity release mortgage.
Lifetime Mortgage lenders provide equity release mortgages to older home owners to allow them to stay in their home and release funds for living expenses and a more comfortable retirement.
One thing all lenders have in common is the requirement for borrowers homes to be in good condition before they provide the mortgage. Common improvements they request before lending:
- New Roof or significant roof repairs
- Homes with any element of flat roof may need replacing
- New double glazing windows and doors
- Any suspected issues of Damp may require new damp proofing or treatments
- Rewire of electrical circuits to modern circuit breakers from old fuse boxes
- Energy efficiency improvements to improve the homes EPC rating
How we can help
The cost of these home improvements can be significant, and easily run into tens of thousands of pounds. Equity release borrowers are unlikely to have that cash available. Traditional borrowing is not always available to older borrowers – creating a “catch 22” situation.
First Select Bridging Loans can provide short-term funds to pay for the home improvements and upgrades, and our loan can be repaid using some of the Equity Release funds. This unlocks the situation and allows borrowers to move forward.
How it works
We can provide a short term Regulated Bridging Loan. We will need to see a quote/estimate for the work and provide the funds in full to complete the work. We will work with your Equity Release adviser to ensure once the work is done you can draw down the Lifetime Mortgage.
- No monthly payments, just pay back in full (plus interest) from the Lifetime Mortgage.
- No income or affordability assessment, making the application simple and straight forward.
- No exit fees, allowing you to repay at anytime as soon as the Lifetime Mortgage is drawn down.
- Fees can be added to the loan reducing upfront costs.
Contact our team today for a free, no obligation conversation about how we can get your Lifetime mortgage application back on track and carry out those home improvements and upgrades.
Find out more
About Us
First Select Bridging Loans are friendly and professional FCA regulated mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.
Our team of experts are ready and waiting to help. Contact the team below:
Phone: 0161 393 1575 // 07780 446 937
Email: hello@firstselectfs.co.uk
