Bank of England Mortgage Bridge Loans

Bridge Loans

Bridge loans are temporary mortgages that provide a downpayment for a new home before completing the sale of your current residence. Contact your local BOE Mortgage branch for more information.

Bank of England Mortgage provides bridge loans which are temporary mortgages that provide a downpayment for a new home before completing the sale of your current residence. Many buyers today would like to sell their current home to provide a downpayment on the next one. But timing can be a problem. You can’t always make that happen. For instance, sales fall through, or the perfect home for you has multiple offers and a seller who wants to close fast. This is where bridge loans come in handy. They can be a great tool when purchasing your new dream home, before you sell your current one.

There are two ways a bridge loan can be structured. The first method is to pay off your old mortgage, and provide additional cash for your new home downpayment. The second scenario is more like a home equity loan. Instead of replacing the existing mortgage on your old home, you take a smaller bridge loan that just covers the downpayment on the new property.

Contact your local branch to get started.