‘Britpop delayed my bridging loan’
04 August 2026
Loans Warehouse has completed a £787,500 regulated bridging loan with Precise Mortgages, helping a couple purchase a new family home in South of England.
The customers were purchasing a substantial property with an annexe, for £725,000. They required the bridging facility to fund the full purchase price together with approximately £62,500 towards the additional Stamp Duty Land Tax payable.
The couple intended to repay the loan following the sale of their existing home, which was already attracting offers, together with an equity release mortgage to cover any remaining balance. They needed to move quickly, as the vendor would not take the property off the market until evidence of a formal mortgage offer had been provided.
Precise Mortgages proved the right solution by providing a £787,500 net loan across the purchase property and the customers’ existing residence. The lender used automated valuations on both properties, reducing the time and expense normally associated with arranging two physical valuations.
The 12-month, first-charge bridging facility completed at 63.1% loan-to-value, with interest fixed and retained for the term. Precise initially offered a monthly rate of 0.59%, which was reduced to 0.58% before completion. There were also no early repayment or exit fees, allowing the customers to repay the facility as soon as their existing home is sold.
The application was submitted on 29 April and completed on 2 June, taking just under five weeks from submission to drawdown.
However, the transaction encountered one particularly unusual legal delay. A restriction connected to the property required a waiver and supporting documentation to be signed by a neighbouring landowner, a band member from what I would describe as one of the biggest Britpop bands of the 90's.
With the band member away on tour, getting the signature proved challenging. Somewhere between a festival field and a missing phone signal, there was seemingly no other way but to wait. Once the document was finally signed and the rather less glamorous issue of the shared septic tank resolved the case moved swiftly, allowing the lender to release funds and the purchase to complete successfully.
Vikki Edwards, Head of Bridging & Development at Loans Warehouse, said:
“Bridging cases can be delayed by all sorts of unusual legal issues, but waiting for a band member to sign a waiver was certainly a first for us.
“The customers needed to secure their new home quickly while allowing sufficient time to sell their existing property. Precise offered the right combination of loan size, rate, flexibility and speed, particularly through its use of automated valuations.
“There were several moving parts, including two properties, an equity release exit and some unusual title requirements, but everyone worked together to get the transaction completed. It was a fantastic outcome for the customers and proof that even Britpop can occasionally delay a bridging loan.”
