Downsizing your home can be an exciting opportunity to simplify your lifestyle and free up equity for future needs. However, the process can be financially challenging, especially if the timing of selling your current home and purchasing a new one doesn’t align. This is where a bridging loan for downsizing can help.
With most house purchases, timing is often the biggest hurdle. When downsizing you are likely to be at the end of the chain so could be in a scenario where you are waiting for the rest of the chain and under pressure to complete on your new perfect home. A bridging loan lets you secure your new home while giving you the breathing space to sell your existing one.
You’re downsizing from a £500,000 house to a £300,000 home. If your current home hasn’t sold, a bridging loan can cover the £300,000 purchase price, allowing you to move forward. Once your £500,000 home sells, the loan is repaid, and you keep the remaining equity.
While bridging loans offer invaluable flexibility, it’s essential to understand the associated costs:
A bridging loan for downsizing could be the perfect solution if you:
At Ascot Mortgages, we specialise in helping clients navigate the complexities of bridging finance. Our team ensures you find a loan tailored to your downsizing needs, offering competitive rates and expert advice.
Ready to explore bridging loans for downsizing? Contact our expert team for personalised advice and fast approvals.
Get things moving, apply for a bridging loan.
Free unbiased mortgage advice is just a phone call away.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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