Market Harborough offers downsizer mortgage
Market Harborough is offering a short-term finance product which is designed to assist customers moving home who have not yet sold their existing home.
The product also allows customers to purchase a property pending the sale of an existing asset.
Chris Treadwell, head of Enness Bridging Finance, said: “With the cost of moving home higher than ever, more and more people whose family have flown the nest are remaining in their family homes, rather than downsizing and freeing up properties for newer families.
“Encouraging such activity in the market is widely thought to be one way in which to address the housing crisis we are currently experiencing and is so widely reported.”
The product includes a mimimum loan of £200,000 and a maximum of £1.5m with terms available for up to one year.
There is no early repayment charge but there is a 2% arrangement fee for a minimum of £6,000 and a 1% proc fee paid within seven days of completion.
The product has proved popular amongst older clients, which Treadwell claims is highlighting the importance in the downsizing market.
Treadwell added: “Activity at the top end of the market has been rather slow in recent years so even if the older generation wished to downsize, they may not be able to if they are struggling to sell their home.”
Application to offer is within 14 days for fully packaged cases.