Bridging Loans
What you need to apply for a Bridging Loan
Buying and selling at the same time can be stressful
Know the difference between the types of loans
Helpful tips to get a Bridging Loan
Understanding The Benefits Of a Bridging Loan
Reduce your stress
Give yourself that extra peace of mind to not have to rush.
Flexibility between buying and selling
Bridging loans make sure you don’t miss out when you are in between transactions.
Learn the ‘bridging loan’ lingo
We will help explain all the financial terms to make things easier
Know how much you can borrow
Give Yourself Flexibility When You Are Buying And Selling
✓ Need a way to make it easier to buy and sell at the same time?
✓Want that flexibility to lean on so things go smoothly?
✓ Prefer not to worry if things suddenly change?
We know that buying a new home is a major process in itself – researching all those properties to find just the right one that suits your family lifestyle and budget – it’s never easy.
And then combine that with selling your home at the same time! All that home selling preparation and the whole stressful process of selling the home that you have loved.
Have you considered bridging finance? Here, at Mortgage House we are all about flexibility and clever options to make it easier and stress-free for you.
Why not consider leaning on your current equity to help you buy that new home. It’s unlikely the timing will not line up and you don’t want to miss out on that perfect buy.
A Bridging Loan gives you that flexibility to carry you over when you are in between buying and selling at the same time.
Types of Bridging Loans For You
Owner-Occupied Home Loans
If you need stability and predictable repayments, then check out our fixed rate Low Doc mortgages.
Investment Home Loans
Bridging loans can also be used if you are investing in residential property.
Variable Loans
If you prefer flexibility, then a Bridging loan can operate as a variable interest rate loan
The Loan process
Current Equity Check
First, we will do a quick ‘equity check’ on your current loan, as the proceeds from that sale are normally used to pay a Bridging loan back.
Our expert lending specialists are here to help you prepare your application – which is usually quicker for this type of loan.
Decide on a Single or Separate Loan Type
As a Bridging loan is a short-term loan most banks and lenders will agree to bridging mortgages of up to 12 months, in a Single or Separate loan.
A Single Loan uses both properties as security. This is the 6-12 month option, where you aim to sell your existing home in that period. Once your home is sold, the proceeds will be put back into your overall debt and balance.
Or choose a Separate Loan for the house you are purchasing, where you won’t need to make interest payments on this loan during the agreed bridging period. Interest will still accrue, and you will make your normal repayments on your existing loan. When your old home sells, the loan is paid out and any extra debt will need to be negotiated.
Get that Flexibility for a Smooth Transaction
Once we have reviewed your application, we will be in touch quickly to confirm your successful outcome, or let you know if we need more details
Our Bridging Home Loans
FAQ's
What are the benefits of a Bridging Loan?
A Bridging loan give you flexibility to manage your current home sale and your new home purchase. It ‘bridges the gap’ and can usually be approved quickly based on your current equity.
How can a bridging loan help me when buying and selling at the same time?
Buying and selling at the same time can be very stressful, particularly trying to line up the timing of each transaction. So a Bridging loan will help you cover the ‘in between’ stage so you can focus on getting the best price for your current home you are selling, as well as not miss out on the next home of your dreams.
How long can I have bridging finance for?
A Bridging Loan is usually up to 12 months maximum, to give you extra time and flexibility to buy and sell.
Is there a premium on the interest rate?
With the short-term flexibility a Bridging loan gives you, there is a slight interest rate premium compared to a normal owner-occupied loan. But considering the size of the amount at stake, it’s small in comparison to the overall gains you can make to achieve a higher sale price on your current home or a better buy price on your new home.
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What customers say
Before using Mortgage House, we tried another broker who made us feel like we weren't important enough for him to bother dealing with properly, and we always felt like we weren't getting the whole story. Jenny from Mortgage House was completely different. From the very beginning she kept us in the loop of everything that was happening, and always made sure she got back to us in a timely manner. Being completely new to this whole process she answered all questions we had and never made us feel like we were asking a dumb question. I don't think we would have been able to buy our first property without Jenny or Mortgage House. Thanks for everything!
Cannot recommend Michael Richardson from the Sutherland branch enough - he assisted us through the transition of refinancing a mortgage every step of the way. He was always available to talk through the options & guided us wherever he could with the documentation requirements. He visited our house after hours to accommodate us getting through what would normally have been an onerous task for 2 busy working parents trying to save some money on their home loan.
I refinanced and the process couldn't have gone more smoothly, great communication throughout the process made it stress free. All staff very professional and made jargon easy to understand. Not to mention a great highly competitive variable rate that the other lenders couldn't match. Have already highly recommended to friends.
Mortgage House were very helpful. I was extremely nervous about the process of refinancing however, Brij, my consultant made everything easy for me and was really supportive throughout the whole process. The process was also very quick. I would highly recommend Mortgage House.
