This loan is for owner-occupiers who have to move home due to housing clearance action. It’s designed to fund the gap between the compensation received for the existing home and the cost of the new home.
However, it is only intended as a last resort and only available if a suitable commercial loan can’t be found.
The maximum loan is normally £35,000, rising to £55,000 in exceptional circumstances. This is secured as a financial charge against the new property. No payments are made until it is sold when the full loan is repayable.
To make an enquiry about a relocation loan, email [email protected]