Repayment of Current Expired Mortgage Bridging Loan
GWD Finance are specialists in bridging loans for the repayment of a current expired mortgage
Some interest only mortgages reach the end of their term and you may be require to pay the lender back immediately.
In certain circumstances it may make sense to repay the lender with a bridging loan to give you more time to sell the property. You can also release equity for other reasons at this stage and repay the loan when the property sells.
Example
A large private bank recalled its loan on a high value property that does not typically sell quickly.
The client wanted to repay the loan and release equity to pay for his children’s education fees and provide them with deposits for purchase property.
The client has recently gone from a high paid job to being self-employed, so could not show any income for lending purposes.
We arranged a bridging loan for all these purposes whilst the property sold.
The client did not have to service the loan monthly as the interest rolled up. The loan was repaid on sale of the property.