Buying while selling
Financing the move from one property to another can be quite stressful, especially if you are yet to sell your home – a bridging loan can help free up the funds that are tied up in your current property to purchase the next one. With a bridging loan, your lender will use both your current and new property as security and lend you enough to buy your new home.
Once you have sold your old home, the proceeds go towards paying off your bridging loan. The amount left over (known as the end debt) is then transferred to a standard home loan, becoming the home loan on your new property.
Bridging finance can be very complicated. Therefore, it’s the best that you book an appointment with me. I can explain to you in details how it works for you to make better decision.