Over 55s look for care needs

According to new research by Key, 7.5 million over 55s will be seeking advisers to assist in securing funding for home improvements for care needs in the coming years.

According to new research by Key, 7.5 million over 55s will be seeking advisers to assist in securing funding for home improvements for care needs in the coming years. 63% are likely to want to receive care at home, with projected average spend around £8,000 to make the necessary alterations.

This consists mainly of stair lifts, wet rooms any external stairs at the front of the property with a ramp. Lounge rooms situated downstairs are more than likely to be converted into a bedroom along with any bathroom tweaks.

With the UK’s current housing situation, it becomes immediately clear there is not enough housing stock available to meet their needs.

Call today and speak to one of our team for more information and help with finding the most suitable finance package that meets your needs and suits your specific circumstances.

Alternative options available

Commercial mortgage lenders will only lend against ready to use property. They will not lend against property which needs to be refurbished unless the business is going to pay for the refurbishment themselves and the refurbishment itself is mostly cosmetic.

Bridging finance is generally the type of lending used where a borrower intends to refurbish a commercial property and requires funding towards that we well as the purchase. If bridging finance is required, the business will need a deposit of approximately 35% and LA Bridging can also secure lending towards refurbishment which can be as much as 100%.

If bridging finance is required, LA Bridging is able to organise a long term commercial mortgage once any refurbishment is near completion. Where a business is looking to purchase or refinance a large portfolio of buy to let residential property, they are often told they need a commercial mortgage but what they actually need is a multi-unit buy to let mortgage which LA Bridging has access to from its lender panel.

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Contact us today for your bridging finance, buy to let mortgage, commercial mortgage, bridging loan for house purchase, HMO purchase, emergency cashflow loans, auction finance, bridging loans for property development, bridging loan mortgage, business bridging loan, commercial development financing.