Short Term Large Secured Loan

[uuf361]

I've got a relative who is starting to show signs of dementia (early 70's) who needs to move to a town and a flat as opposed to - house in the middle of nowhere (doesn't drive) so she can get the care/support she'll need.

She has a house worth c.£500k and will need to buy a flat for around £150k but doesn't have the savings to do both and nobody with the sort if cash to lend.

Given the move is her first in around 50 years and with her health the optimum solution is to move her into a new place at the same time as getting her current house sold but not at the same time as normal.

Is there a way to get a secured bridging style loan secured on the house for 3-6 months when she has no real income while the house is sold ?

[ellroy]

Bridging loans have gone the way of the dodo I'm afraid.

Could you/she consider equity release/lifetime mortgage? You'll need to speak to a suitably competent IFA for full details mind, not an area I work in.

[uuf361]

ellroy said:

Bridging loans have gone the way of the dodo I'm afraid.

Could you/she consider equity release/lifetime mortgage? You'll need to speak to a suitably competent IFA for full details mind, not an area I work in.

[uuf361]

ellroy said:

Bridging loans have gone the way of the dodo I'm afraid.

Could you/she consider equity release/lifetime mortgage? You'll need to speak to a suitably competent IFA for full details mind, not an area I work in.

Equity release was one of my first thoughts (I'm helping my father who now has power of attorney) but this is only short term so didn't think it would work but worth looking into further.....

[Aquarius909]

ellroy said:

Bridging loans have gone the way of the dodo I'm afraid.

What??

I think you're mistaken here, my friend. From my knowledge of the Bridging market, this is exactly the kind of transaction they would do, subject to the client getting legal advice to confirm they are in a position to make these decisions.

OP, feel free to contact me for details.

[uuf361]

Thanks but things have moved on a little from my original post.

The consultant has now said she needs full time residential care so we're looking at moving her to a home in the next month or so and then selling the house separately so shouldn't need the additional finance now......