Article Thinking of downsizing?

Article

Thinking of downsizing?

Thinking of downsizing?

It’s never too early to start planning for your retirement and those that do might find themselves ahead of the game as demand for homes for downsizers is increasing due to a shortage of suitable properties. In a survey we conducted, 67% of respondents said that they were considering downsizing as part of their retirement planning and for good reason, let us explain…

Why downsize at retirement?

Planning for your retirement is the perfect time to consider downsizing. It can allow you to move into a smaller home to release capital to fund your retirement lifestyle, including travel and hobbies – 43% of those we asked would downsize for this very reason. Downsizing could allow you to maintain your home more easily and at the same time lower your monthly household bills. It could also be that you’re looking to move somewhere new to be nearer to family, friends, better amenities or assisted living, so you can live more independently for longer.

What is bridging finance?

You might not have spared a thought for bridging finance when it comes to downsizing for your retirement. However, it can help you downsize in order to give yourself the retirement that you dream of. Bridging finance provides you with the opportunity to act quickly in a competitive market to buy or even build your new home before selling your existing property, with no monthly repayments and a term of around 12 months.

Imagine that your dream home that ticks all the boxes comes on the market, but you haven’t sold your existing house or got your finance in place ready to buy it. It can be disheartening. Bridging finance is designed to help you in scenarios like this as it provides you with funds when you need them, so you can secure your dream home quickly – effectively turning you into a cash buyer. You can even live in your existing house before it is sold whilst buying or renovating your new property – with no need to rent.

How do I get bridging finance?

If you think bridging finance sounds like the right solution for you, we can help you plan ahead and work out an effective repayment strategy, for example from the sale of your existing property or maybe even from a pension maturity. Talk to a member of our Mortgage Team on 01858 412610 or email bridging@mhbs.co.uk to find out more.

Why choose Market Harborough Building Society?

Our rich heritage spans over 149 years of supporting customers just like you. We’ve built up a reputation for being trusted, reliable and supportive to all our customers and we want what’s right for them.

We’re the trusted voice you can rely on for fast finance, tailored to your individual needs. We specialise in less-straightforward cases and consider every application individually. Regulated bridging finance is our field of expertise – we manually underwrite, so we fully understand your circumstances.

To us, you’re more than just a number – it’s personal. We know our customers by name. Our friendly, experienced team, specialise in complex cases and incomes – you can talk to us to find out more about bridging finance and we can clear up any grey areas for you.

We’re ready to help so why not give us a call on 01858 412610 today.

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

Don’t just take our word for it…our customers agree too!

“I have to say I was most impressed with all of your colleagues and you in the way I was treated, please pass on my thanks to all involved.”  Colin Smith

“Right from the very first telephone call (answered quickly by a real person), I always seemed to deal with someone who not only had a clear understanding of your products, but also genuinely seemed to want to assist in a polite, helpful and efficient manner. Everyone also always did what they promised – not unfortunately something you can seem to rely on anymore.”  Mr Jex

Need more information?

Find out more about our recent retirement survey.

To talk to a member of our Mortgage Team about the right mortgage for your circumstances, call 01858 412610.

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Sean Coleman

Sean Coleman

Lending Specialist

"It's never too early to start planning for your retirement and those that do might find themselves ahead of the game."
Call Sean Coleman on 01858 412610 Bridging@mhbs.co.uk