You are considering buying a new home and you are selling your existing home or apartment. A buyer quickly shows up who is willing to pay your asking price. No dirt in the air. In the meantime, you continue your purchase plans for a new house. But a week after you have signed the compromise for your new home, you are told that the buyer of your home does not receive a mortgage loan. Road agreement and you suddenly get into financial trouble …
No mortgage loan, no deal?
There does not even have to be a written agreement to be stuck with a similar problem. Suppose there are several interested people in your current home. You are therefore confident that you will be able to sell your house to one of them at the right price. In the meantime, you want to continue yourself and buy a new home. But how sure are you that your prospective buyers will get a mortgage loan? Because if that is not the case, you may not have a deal, and you risk selling your house quickly-quickly because you simply need money to purchase your new home. And if you have to sell under financial pressure , there is a chance that you will have to be satisfied with a (much) lower price than you had hoped.
If you make a compromise, the buyer often asks that a condition precedent is included that states that the sale will not take place if he does not receive a loan. You can, especially if you have several potential buyers, add to that clause that in that case a compensation must be paid to you. Furthermore, you can of course always send your buyer to an independent credit broker. It may find a solution.
Flexible bridging credit is the solution
A bridge loan is recommended in such situations. After all, with a bridging loan you buy yourself time. You have the budget to buy your dream house, while you have enough time to sell your existing house at the right price.
Bridging loan: go to an independent mortgage loan broker
You can get a bridging loan from your bank. But quite a few banks grant this for a maximum period of 6 months. If your existing home is not sold quickly, you will have financial worries. That is why you better go to an independent mortgage loan broker . He or she will look for the flexible bridging credit that you need , whereby you usually get a term of up to 24 months. That is more than enough to leave your house at the right price.
Call in specialist
Make an appointment with a Danilo Lorcan specialist today: he will calculate a financial plan for you and make a simulation of your mortgage loan. There is certainly a regional Danilo Lorcan office in your area.