You want to sell your existing house and buy a new one. But how quickly can you sell your property? Or do you need a bridging loan?
Of course you hope to sell your existing home as quickly as possible. Because you want to use the proceeds for the purchase of your new home. But will your house be sold quickly?
Selling a house: what if it doesn’t go smoothly?
If you are convinced that your house will be sold quickly, you may not have to worry. But the longer it takes before the sale of your house is complete, the higher the pressure becomes. Because you need that money for the purchase of your new home.
Does it all take a little longer than expected, or do you think it will not be that easy to get your property sold in the short term? Then a bridging loan is strongly recommended .
Advantages of a bridging loan
Such a bridging loan gives you the necessary budget to arrange the purchase of your new house. That way you don’t have to sell your house fast-fast (and therefore below the price) , because you simply need money. With a bridging loan you save yourself a lot of headaches and you buy the necessary time to sell your house at the right price.
The term of a bridge loan is important . For some lenders, this is a maximum of 24 months. That gives you enough time to sell your house. But with many banks, such a bridge loan runs for a maximum of 6 months. That is very short and can quickly get you in trouble if your house does not get sold quickly.
You repay the borrowed capital of the bridging loan at the end of its term. You may already be able to repay the capital faster, for example as soon as your house is sold. But make sure that you do not have to pay a reinvestment fee in advance.
Before you enter into or apply for a bridging loan, it is important that you act with knowledge. A simulation via this loan is therefore recommended. You can already try it yourself or make an appointment.
Not convinced? Then read on why it is best to have a simulation for a bridging loan performed.
Bridging credit: choose an independent credit broker
credit: choose an independent credit broker” />
An independent credit broker works together with several lenders and can therefore offer you a wide range of bridging loans. Such a credit broker goes with you in search of the bridge credit that suits you best. Make an appointment immediately with a Starbuck office in your area .