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.
The latest blogs…
Paul Shamplina and Kate Faulkner release latest edition of their book, The Landlord’s Friend
Today, with more than 170 pieces of landlord legislation in place, two well-known names in the world of property, Paul Shamplina and Kate Faulkner, have once again joined forces to co-write a new version of their book ‘The Landlord’s Friend’. Its aim is to help both...
UK government set to abolish Section 21 eviction notices
The UK government is playing a very dangerous game with private landlords in England and Wales. This week’s announcement regarding the abolition of Section 21 eviction notices is headline news in the private rental sector. While the blow to private landlords has been...
Top ten tips to legally evict your tenant
Client Money Protect becomes first to gain government approval to operate a CMP Scheme
Client Money Protect, part of the Hamilton Fraser group of companies, has gained formal government approval to operate a client money protection scheme when the regulations go live on April 1st 2019. From April 1st, it will become mandatory for all...
