The Challenge
We were approached by a retired couple based in the Isle of Wight who were looking to move to Jersey on a non-qualified basis. They had savings to put into the purchase of the local property they wanted to buy but were short by £400,000 until the sale of their UK residence completed. They needed a true open-ended bridging loan. Due to their ages being in their 70’s, mainstream lenders and high street banks were unwilling to lend, despite the income levels and deposit they had to put in.
The Solution
With a low loan to value on the property and income to support a private loan we secured a local private lender willing to lend the shortfall on an interest only basis. This was for a two-year term, with the option to renew for a third year. The couple felt that during this time they would relocate to Jersey and, in time, market and sell their home on the Isle of Wight, which would repay the loan in full.
The Outcome
Having the loan in place enabled them to secure their new property in Jersey, which they moved into in early 2016. They took the decision to fully retire to the Island soon after and put the UK house up for sale. Finding a buyer quickly enabled them to repay the loan in July this year and they are now happy, settled, Jersey residents.
What the clients say
‘We are incredibly happy to be able to enjoy our retirement in such a special place and and this is in no small part thanks to the financial solution Acorn was able to provide us. It wasn’t just that they were able to help us when the high street banks and other more traditional lenders wouldn’t; their service was exceptional and we are so very grateful for their help.’ Doctor & Mrs Thomson.
Let us help you
Here at Acorn, we can provide solutions to all your financial needs. As an independent lender, you could have the money you need within 24 hours. Get in touch with us today or call us on 01534 618628, or visit the private loans page for further information.