When we talk about the bridging loans, there are basically two types of bridging loans, in the first type you will borrow the loan amount and then pay the existing mortgaged property and more enough that you can even make the down payment for the new property that you are planning to buy, you will not be required to make the monthly payments for the bridging loan that is taken, but instead you are going to make the payment for the monthly mortgage taken to secure your new house, in this phase when you sell off the old house and get the sale proceeds you are required to pay off the accrued interest along with the outstanding amount that is prevailing on your bridge loan. In the second kind of bridging loan, you will keep the current mortgage and borrow as against the current home equity and use this money to make the down payment for the new house.
Suppose your new home is going to cost your around five lakh dollars and you have the equity to the value of around 1.75 lakh dollars as against your old home, that is valued to thre3 lakh dollars as of date, then now your outstanding value of mortgage balance is 1.25 lakh dollars, if you want to make a down payment for the new house to the tune of one lakh dollar and you have saved to the extent of fifty thousand dollars as part of segregation for this new home, then you can apply the mortgage bridge loan and borrow against 1.75 dollar in equity and this will help in making up the difference. Morphy bridging loans will provide you loans for buying new home. This loan is rather hairy.
Now taking into account the three loans – mortgage of old home, mortgage of new home and taking the bridging loan – in this situation you are not going to make typically three loan defrayals monthly. Instead you are going to pay off only the outstanding amount and the accruing interest while you are selling off the current house. Now when this is clear, not every borrower will be able to manage paying the two payments on the mortgages even though it may be only for a few months, this is definitely stretch the resources and this is become a burden for you as you may not become eligible to qualify for the bridging loan. Thus to get your best deal you have to make an online research and apply for the bridge loan on the old property and buy the new home. The lenders are providing the affordable rated for the short termed bridge loan, and with this you can buy the new home and if you want they will also manage your new home long term mortgage. Make sure to make the fee calculations very accurately as there may be higher risk of overcharging by lenders who are not experienced, Morphy bridging loans offer affordable rate of interest with guaranteed cash payment on time.
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