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.