What if I've found my new home but haven't sold my current home?
If you have found your new property, despite not selling your current one, you may need to apply for a bridging loan. A bridging loan works by threading your new home with your current one.
Bridging loans are calculated through the value of your new home and adding the amount of your current home loan, followed by subtracting the estimated sales price of your current home.
The amount left over then stands as the principal of your new bridging loan. They usually ask for interest-only repayments, before being added onto the balance when your current home finally sells.
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