Bridging mortgage

Suppose you want to buy a new home, but your old home has not yet been sold. But you do need the equity in your old home to buy your new home. A bridging mortgage makes that possible!

With this you borrow - temporarily - the amount of equity for the financing of that new house. A bridging mortgage is therefore a temporary and interest-only mortgage.

You only pay interest during the term and you repay the mortgage at the time you sell your old home. It is also possible to repay at the end of the term, if your old home has not yet been sold at that time.

The maximum term of the bridging mortgage is two years. The fixed interest period is one year as standard. You can also repay the mortgage in whole or in part during the term. This is unlimited, without paying repayment costs.

This way you can take the step to a new home without financial worries. Make sure you calculate the maximum amount you can borrow and take into account the possible risks, such as a longer selling time for your old home. An advisor can help you with this and find the right mortgage type that suits your situation.

Handy, huh?