When moving house, you typically have two options:
- Transfer your current mortgage to the new property if you’re on a good rate.
- Pay it off and apply for a new loan.
What if I need to buy before selling?
If you need to buy before selling, bridging finance can help fill the gap. Bridging loans are short-term solutions that allow you to purchase a new property before your current one sells. During this time, both properties are used as security. You’ll continue to pay your existing mortgage and usually pay interest-only on the bridging loan until your current home sells.
There are two types:
- Closed Bridging, where both sale and purchase dates are set (up to 6–12 months).
- Open Bridging, used when your current home hasn’t yet sold, which requires more equity and stronger finances.
Bridging loans add extra cost, so it’s vital to get expert advice to manage timing, negotiate rates, and ensure a smooth transition.
Ready to start your new journey?
