Who did we help?

Mr and Mrs Trundle in Cambridge, both in their early 60s, are retired company directors and own their home outright, at a market value of approximately £675k. Together, they have just short of £1m in undrawn pension pots, plus additional savings in bonds and ISAs.

What did they need?

The couple are relocating up North to be nearer family and start a new life in the countryside. Their property search has led them to a new build development, where there is a choice of two homes that are yet to be built, which are on the market for £564k. To secure the purchase, they are required to provide a 10% deposit of £56,400.

Why were they facing challenges?

Mr and Mrs Trundle’s current residential property has only just gone on the market and is therefore not yet sold. The couple want to secure the new purchase but are reluctant to withdraw the money from their bonds as they would incur charges.

How did we help?

The couple’s broker, Stephen, has worked with Furness previously and knew about our short term lending products. With a two-year interest-only period and no early repayment charge, this could potentially be the solution for Mr and Mrs Trundle. 

Stephen approached our Business Development Manager, Emma, who liaised with our expert underwriting team to discuss the scenario and case profile. Having had sight of their pensions and savings statements, it was established that affordability wouldn’t be an issue as we could also use 5% of their undrawn pension pot and therefore be able to reach the amount they needed to secure their new home.

If our short term lending solution could help one of your clients, please contact our Furness Intermediaries team on 0800 988 1561 or speak to one of our Business Development Managers.