Objective
The introducing broker’s client asked for help funding a property they had purchased at auction that they planned to reside in with their family. During the initial fact find it transpired that the client had won the property on 26th May, but had left speaking to their broker until 13th June: 18 days after the agreed purchase. The hammer went down at a purchase price of £859,000 and the client needed to raise 75% of the sale price.
Obstacle
Under auction terms, the client needed cleared funds within 28 days, which left us with a very short amount of time to get the funds. Additionally, as the property was purchased to be the client’s main residence it made the case regulated, meaning lengthier processes due to the advisory process that must be adhered to.
Outcome
The client was able to obtain a one-week extension, which is quite unusual but did incur a fine. This created some time for us to find a lender who funded the 75% LTV required and completed by the extended deadline.
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
