Bridging loan
Buy your new property before selling the old one.
The bridging loan (or bridge loan) temporarily advances the funds from your current, not-yet-sold property, to finance the purchase of the next one without waiting.
The bridging loan is a transition solution: the lender advances you a sum corresponding to the (net) value of your current property, until you sell it. You thus finance your new purchase immediately, without having to wait for the sale. During the bridge period (generally 12 to 24 months), you often only repay the interest, the capital being paid off as soon as the sale is collected.
It is a valuable tool in a market where properties sell quickly, but it assumes a realistic sale of your property. We assess with you the amount of the bridge, the term and the cost, then organise the switch to your definitive mortgage loan.
Warning: borrowing money also costs money.
Let's talk about your project
Personalised advice, free and with no commitment. Book an appointment or ask us your question.