Looking to purchase a new property, but haven’t sold your current one?
A temporary, short-term loan which bridges the gap between buying your new property and the sale of your current property. A bridging loan is a common solution for property owners who are in between homes. Most bridging loan providers give you between 6 months to 2 years to sell your current home to paydown the bridging portion of the loan.
Unsure whether a bridging loan is right for you or have questions about the process? Our mortgage brokers are here to help.
How much deposit do I need for a bridging loan?
The deposit needed for a bridging loan is dependent on how much equity you have in your current property. Most lenders will require you to have a reasonable buffer in equity in your current home or a minimum 20% cash deposit in order to get approved for a bridging loan.
What are the requirements for a bridging loan?
What to keep in mind about bridging loans
Do banks offer bridging loans?
Absolutely. Most banks and private lenders offer bridging loans, however these tend to be available only via mortgage brokers as opposed to being offered to the general public. The team at MortgageWorks would be happy to assist you in finding a trusted partner who can help with all your bridging loan needs.