£1.2m cross-border bridging finance helps couple secure their Scottish dream home.

When a wealthy English couple wanted to finance the purchase of their dream Edwardian country house in Argyll, Scotland, using bridging finance secured on property on both sides of the border, they needed a lender who also understood the complexities and differences in property law and process between the two countries.

The ask

When a successful self-employed company director and his wife approached high-net-worth broker Enness Global for help purchasing the ten-bedroom home in Scotland, the ask appeared straightforward.

They needed a short-term bridging loan for £1.2m to secure the new property, repay the outstanding balance on their current mortgage, and pay off a second charge mortgage on another vacant residential property with two different lenders. The couple planned to repay the finance in full upon the sale of their current four-bedroom farmhouse.

To fund the purchase, they would need to secure the loan against their new Scottish home, and both of their existing properties located in Cornwall.

Victoria Barton, Partner at Enness Global, explains:

“On the surface, a case like this one can look relatively simple. That’s until you start to work through complexities such as differing property rules, multiple lenders, multiple securities and self-employed affordability criteria.”

The solution

Knowing that Together had the products and capability to handle a high value case like this, Victoria approached our Premier for Intermediaries team, who specialise in complex cases over £1m.

Dan Narwal, Together’s Intermediary Corporate Account Director, said:

“This case required an unusual loan structure to meet the couple’s property ambitions. While England and Scotland share a border, when it comes to property, the rules and processes involved with buying and selling can be quite different.

“Splitting the loan into two parts allowed us to work with solicitors specialising in each country, separating the funds required to buy the Argyll home from those being used to repay the existing mortgage on their English home and the second charge loan secured against a vacant residential property.”

Given the complexity of using three properties as security across England and Scotland, Together worked closely with the broker to build a clear picture of both the assets and the proposed exit strategy.

Full valuations from qualified surveyors were used to establish the value of the couple's existing farmhouse and their new Scottish home, while the sale of the farmhouse, which would be used to repay both bridging loans, was supported by evidence from the local estate agent on asking price and buyer demand.

The value of the couple's second English property was also considered, using an automated valuation, with the option to refinance it onto a buy-to-let mortgage if the sale of their farmhouse had not completed before the end of the loan term.

The team at Together also ensured both parts of the loan were ready in time for completion, working closely with lenders, legal representatives, Victoria and her clients to keep the process moving smoothly.

The result

With the funding for both bridging loans completed, the couple were able to purchase their dream Scottish home and move before the sale of their current home.

Both loans were structured so that monthly interest payments could be deferred, allowing the couple to focus on their move and repay the borrowing on the sale of their existing home or the refinance of their vacant English property.

Victoria added:

“We’ve worked with Together before, supporting other high-net-worth clients with complex property finance requirements, so we had full confidence that they could deliver the right result here.”

High-value cases can quickly become difficult to place, especially when multiple challenges are involved. But they don't have to be.

At Together, our Premier for Intermediaries service is built to help brokers with £1m+ cases, either for personal or commercial borrowing, providing communication and confidence at every stage of the process.

If you’ve got a £1m+ case you can’t place, speak to Dan and the Premier for Intermediaries team to see if we can help.

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