Bridging Finance

Bridging Finance Options Now On The Market

There are now bridging products available to assist customers, so they no longer have to sell their home first, when considering trading down.

There are also bridging products which can facilitate clients who wish to acquire a ‘buy to let’ property at auction or acquire a ‘buy to let’ property that requires renovation, using your own family home (which currently must be debt-free to qualify) as collateral. These products are likely to evolve over time, but Mortgage ABC currently have access to one lender via a pilot scheme, with the following product features and requirements:

Product Features and Requirements:

Interest only or roll-up interest to be paid on maturity
Up to 70% funding on new property (including accumulated interest if required)
Min loan size €150k
Max loan size €1.5m
Max loan term 18 months
Variable rate of 1% per month
Arrangement fee of 2% & exit fee of 1%
Security over both the existing property (which MUST be debt-free) and the target property required
Bank legal costs €1,050 + VAT * 2 = €2,100 + VAT
Product is subject to Central Bank Macro-prudential rules (salary multiples, affordability assessment (LTI) etc.)
Life Cover required

As with any major purchase in your life, it is critical to get expert advice and we suggest that you get assessed for suitability of this product by either calling us @ LOCAL 0818 183033, emailing our team at [email protected] or completing an application form using the link below and one of our team will make contact with you directly to discuss:

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Warning

If you do not keep up your repayments you may lose your home.

Warning

The Cost of your monthly repayments may increase

Warning

This new loan may take longer to payoff than your previous loans. This means you may pay more than if you paid over a shorter term

Warning

Purchasing this product may negatively impact on your ability to fund future needs