Saving a broken chain

The case:

Motivated to move by the pandemic, our borrowers had been testing country life with a rental home and knew permanent relocation was the right long term solution for their family. They’d found a dream £2m countryside property and had arranged finance, supported by the sale of their former home.

The problem:

Without warning or explanation the borrowers hopes of moving were left crumbling after the buyers of their existing home pulled out. Despite re-listing their old home for sale, finding a new buyer to complete the chain in tight timescales was a tall order. The couple found themselves left in the lurch and at risk of losing the forever home they were close to completing the purchase of.

The solution:

Reviewing the borrowers finances, TFI was able to agree a short term ERC free £1.1m mortgage against their former home to enable them to break the chain. Both borrowers earned significant income from their employment, and with a firm commitment to sell the home and repay the mortgage on completion TFI was able to agree the case.

The outcome:

Breaking the chain with short term borrowing against the former home bridged the difference between old homes and new, putting the dream move firmly back on track.


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