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Bridging Finance

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When you decide to take out a bridging loan, the lender would normally take over the mortgage on your existing property as well as the financing of the new property. The total amount borrowed is called the Peak Debt. This includes the balance of the loan on your existing home, the purchase amount of the new home and any other costs like stamp duty, legal fees and lenders fees.

The minimum repayments on a bridging loan will generally be calculated on an interest-only basis, and in many cases this interest may be capitalised until the existing home is sold – that is, accrued and added to the Peak Debt.

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When the first property is sold (which some lenders need to see evidence for), the net proceeds of the sale are used to reduce the Peak Debt. The remaining debt then becomes the End Debt, which means that we will be able to look at a standard mortgage product to repay this amount from this point onward.

Usually with bridging finance the current lender is in the best position to assist you. If this lender does not offer bridging loans then you would need to choose a new lender which could mean you have to pay an early repayment charge to the existing lender.

If bridging finance is required, usually the current lender is in the best position to assist. However if the existing lender does not offer bridging loans, a new lender will need to be used.

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