The bridge to your retirement years
Residential short-term finance: The bridge to a better retirement
What does retirement mean to you? Discovering new hobbies or spending quality time with those you love? Or perhaps using capital you have built-up to fund holidays and enjoy travel like 77% of respondents in our recent retirement planning survey. Retirement could mean putting long-term goals into action and achieving financial freedom? Whatever your ambitions, you’ve worked hard and deserve to turn your dreams into reality. Even if retirement is still a few years away, it’s never too early to start putting plans in place. For many, accessing the wealth in their homes and downsizing is key to their plans.
We asked 500 people, like you, what the most important factors were regarding decisions around their retirement property, their challenges and aspirations. 82% told us that having a home that was easier to maintain and lower household bills would be their main reason for downsizing. A large number said they would move to a smaller home in order to release capital to help fund their retirement. However, many felt they weren’t in a position to downsize and our survey revealed two clear barriers. 44% of respondents felt that prices for smaller properties are currently too high and 45% cited a lack of suitable housing available.
Overcoming downsizing difficulties
The popular choices of bungalows and smaller properties come at a premium. The shortage of availability makes this an extremely competitive area. With 23% of the population currently aged over 60, this figure is likely to rise to 29% over the next 20 years further increasing demand*. This puts cash buyers at an advantage. Bridging finance from Market Harborough Building Society can put you in the position of a cash buyer, allowing you to move quickly.
Our results show that the biggest factor for respondents when looking for a home is proximity to local amenities, followed by a desire for single storey living. The trend of building smaller properties is in decline, despite demand. Figures from the National House Building Council show that in 1987, 15% of new homes were bungalows; it is now only 1%. Due to rocketing land prices and limited availability, developers are under pressure to maximise space by constructing several storeys rather than single storey dwellings. So, when your ideal property comes on the market you need to act quickly – with fast finance at your disposal. Our short-term bridging finance, with no monthly repayments, could be the solution.
“The elevated price of single storey homes and cost of stamp duty can come as a surprise.” explains William Edwards, Lending Specialist at Market Harborough Building Society “We’re here to help you plan as far ahead of retirement as possible so you can assess the potential costs, budget accordingly and arrange funding for your move. Our bridging loans can also help finance any renovation work on your newly purchased property.”
Have you considered bridging finance?
Imagine your ideal property came on the market a year from now, in your perfect location, close to friends and family, with the right number of rooms– would you be in a position to make an immediate offer?
If your answer is ‘No’, give our team a call on 01858 412610. Bridging finance could allow you to beat the competition and buy your dream home quickly and securely. A bridging loan with Market Harborough Building Society provides you with the flexibility of being a cash-buyer in a competitive market place. It lets you buy your next home before selling your current property. What’s more, there are no monthly repayments during the loan. We can lend between £200,000 and £2.5 million for a period of 12 months, up to age 85. This allows you to make your offer quickly, secure your purchase and avoid long property chains while you wait for a buyer. Financial flexibility and freedom could be yours faster than you think.
Researching your bridging loan options in advance of your purchase is essential. Our friendly, experienced team, specialising in complex cases and incomes, are ready to help so why not give us a call on 01858 412610?
If you can’t buy it, build it
For many, building your own home is a lifelong ambition – so why should this stop after retirement? If you have grand designs, you may find your own garden is the perfect plot.
A surprising number of respondents have considered building their own bespoke ‘smaller home’. This could be in your existing garden or on a separate plot and could be more achievable than you think. Bridging finance is a fast and effective solution to build. With our help, you could begin building your new property while still living in your existing home. There’s no upheaval of moving, no rental property required, no need to put possessions into storage and live with only the essentials and no need to put your current property on the market until your new home is completed. We could lend you the sum of your new home, secured against the value of your existing home – repayment free for 12 months. You have full control over your build, can watch the development on-site as it happens and have the security and comfort of living in your existing home.
Why choose Market Harborough Building Society?
Reputation is just one reason. Harborough’s rich heritage spans 150 years of supporting customers like you. We’re strong, secure and stable. We’re the trusted voice you can rely on for fast finance, tailored to your individual needs. We specialise in complicated cases and consider every application individually. To us, you’re more than just a number – it’s personal. We know our customers by name.
Don’t just take our word for it. We’re proud of the exceptional customer service we provide. Over the years we’ve been highly commended** for our achievements as a lender – recognition that sets the standard of your experience with us. Our team of mortgage specialists are ready to take your call and discuss the options available to you and the ways we can support you.
To find out more about our range of mortgages and bridging loans, contact our Mortgage Team on 01858 412610.
Your home may be repossessed if you do not keep up repayments on your mortgage.
* Knight Frank, Residential Research, Retirement Housing Report 2016
** Highly Commended by Moneywise in the Best Lender for Older Borrowers 2017