How the Patels saved their dream home when their buyer pulled out
The Patel family had found their dream family home and had a buyer for their current property. Two weeks before exchange, their buyer pulled out, putting the entire chain at risk.
A chain break bridging loan secured against their existing home allowed them to proceed with the purchase. They had 12 months to sell their original property at the right price.
The Patels moved into their new home and sold their original property 10 weeks later for £635,000 - £10,000 above asking. They avoided losing their dream home and the costs of a failed chain.