Bridging
Bridging Loan Products, sometimes referred to as Relocation Loans, are used by those borrowers with an existing property or home loan. Perfect if you want to purchase your new dream home before selling your existing property.
Bridging Finance provides enough funds to cover the full purchase price and associated costs of your new property purchase. However, the lender will take both your new property and your current property as security for the loan. If you have an existing mortgage over your current home the lender will also advance funds to take over that loan and pay out the existing lender.
Bridging Finance generally carries a term of around six to twelve months (depending on the lender) from the date of settlement of the new property and lenders will require an end to debt before considering.
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