If you want to buy your new place to live or a new investment property but you haven't settled on the sale of your old property with your cash tied up, you will need to take a bridging loan.
Some lenders allow you to capitalize the interest on the new loan and pay it in the end of the set period, so your monthly repayments will not effect your life style...
Normally, it is best to take a Bridging Loan as Interest only, and when you sell the old property you will deposit the money to reduce the new loan.
The big issue is you being able to service both loans. Call us to find the best lender for you. |
