Have you considered Bridging finance to meet the SDLT holiday deadline? Sirius take a look at how and where Bridging can buy valuable time when experiencing chain breaks or processing delays for a property acquisition.
Many borrowers are looking to benefit from the stamp duty holiday offered by the government, saving up to fifteen thousand pounds. A mortgage product that is applied for now is unlikely to complete before the holiday period ends. However, with the average completion time of a bridging loan usually being much quicker than a standard mortgage, in the right circumstances, bridging can assist your clients looking to beat the deadline.
Chain breaks are common currently, often due to changes with lender criteria or in personal circumstances such as furlough and job losses. Losing a buyer at any time is stressful, but particularly whilst trying to beat the stamp duty deadline. Bridging finance may be able to save the onward property transaction, and up to £15k in stamp duty fees. Your client may be able to use bridging finance to complete on an onward purchase now and then use the sale of existing property as the exit strategy.
Whilst the race is on to beat the stamp duty deadline, the heat is also on for the conveyancing sector. For those who wish to start the purchase process from scratch, the traditional mortgage route could be cumbersome given that many are experiencing severe processing delays. In this scenario, bridging finance can be considered to speed up the process, since the time from application to offer can be achieved in as little as a few days, allowing the client to start the conveyancing process sooner.
AUTHOR: Kimberley Gates