
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…
County Courts will not cope with ‘eviction avalanche’
In 2020, as part of government restrictions to protect tenants during the pandemic, the number of residential evictions fell by an estimated 20,000 (74%). According to eviction and housing law specialists Landlord Action, County Courts are facing an ‘eviction...
Brand new series of ‘Nightmare Tenants Slum Landlords’ starts this week
The long-awaited new series of Channel 5’s ‘Nightmare Tenants Slum Landlords’ launches on Wednesday 17 February at 8pm. This 10-part series, filmed prior to COVID-19 restrictions, follows the frontline work of letting agents, eviction specialists and lawyers helping...
Eviction ban extended in England
Amidst rumours over the weekend, the UK government has today confirmed an extension of the ban on the enforcement of successful eviction action by bailiffs. This now places England on a par with Scotland and Wales. While this was to be expected, there are growing...
The Lettings Industry Council releases ‘Beyond Section 21’ Report
Following the Government’s announcement and subsequent consultation into repealing Section 21, which received in excess of 20,000 responses, The Lettings Industry Council (TLIC) commissioned a report ‘Beyond Section 21’ to look at the impacts of doing so. The report,...