Older borrowers, despite usually being more asset-rich and
financially savvy than younger borrowers, are often overlooked by the
mainstream banks when it comes to taking out a mortgage or large loan.
As a result, here at Together we’ve seen older borrowers
become increasingly open to alternative sources of finance, and particularly
bridging loans.
These quick-to-arrange loans are particularly popular among
buyers hoping to purchase investment property – often at auction.
With life expectancy in the UK at near-record levels, never
before has there been such pressure on our pensions to keep us supported
financially throughout our twilight years. As a result, some over-50s are
looking at property to supplement their pension income – either by purchasing a
property to renovate and sell on for a profit, or buying a rental property to
supplement their ongoing income.
One quick way to achieve this landlord dream is by purchasing through an auction, where payment is usually due within 28 days. Buying with a bridging loan at auction then gives you the term of the loan (typically 12 months) to either refinance with a buy-to-let mortgage; or repay the loan with the proceeds of selling the property on.
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