Short Term Mortgages
Bridgit’s Expert Guide On Short Term Mortgages
In the property financing landscape, you may have encountered options such as short term mortgages, traditional mortgages, and bridging loans.
This article from Bridgit helps you understand the differences between these types of loans and know which option might be suitable for your unique situation, especially if you’re looking to move to a new property before selling your current home.
Read on below for more information.
Long term vs short term mortgages: what’s the difference?
A mortgage is a type of loan used to finance the purchase of real estate, such as a house.
Traditional long term mortgages generally span fifteen to thirty years.
On the other hand, short term mortgages have a shorter repayment period compared to traditional mortgages. Though the specific duration may vary from lender to lender, the terms are typically around ten or fifteen years.
At Bridgit, we offer you another option. We specialise in bridging loans, a specific form of short term financing that enables homeowners to transition to a new property before selling their current one.
What are bridging loans?
A bridging loan gives you the means to acquire a new house before selling the old one. You pay for the purchase using the loan amount, and once you have sold your old home, you pay off the bridging loan from the proceeds of the sale.
Bridging loans aim to empower you, as a homeowner, to sell your property on your own terms. You won’t have to sell your current property before buying a new one. Instead, you can tap into your current property’s equity to buy the new house, and you can sell the old one afterwards.
At Bridgit, our bridge loans come with no monthly fees, annual fees, or early repayment fees. You also won’t have to worry about paying two mortgages at once since we will refinance your existing mortgage over to us.
Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.
In the property financing landscape, you may have encountered options such as short term mortgages, traditional mortgages, and bridging loans.
This article from Bridgit helps you understand the differences between these types of loans and know which option might be suitable for your unique situation, especially if you’re looking to move to a new property before selling your current home.
Read on below for more information.
Long term vs short term mortgages: what’s the difference?
A mortgage is a type of loan used to finance the purchase of real estate, such as a house.
Traditional long term mortgages generally span fifteen to thirty years.
On the other hand, short term mortgages have a shorter repayment period compared to traditional mortgages. Though the specific duration may vary from lender to lender, the terms are typically around ten or fifteen years.
At Bridgit, we offer you another option. We specialise in bridging loans, a specific form of short term financing that enables homeowners to transition to a new property before selling their current one.
What are bridging loans?
A bridging loan gives you the means to acquire a new house before selling the old one. You pay for the purchase using the loan amount, and once you have sold your old home, you pay off the bridging loan from the proceeds of the sale.
Bridging loans aim to empower you, as a homeowner, to sell your property on your own terms. You won’t have to sell your current property before buying a new one. Instead, you can tap into your current property’s equity to buy the new house, and you can sell the old one afterwards.
At Bridgit, our bridge loans come with no monthly fees, annual fees, or early repayment fees. You also won’t have to worry about paying two mortgages at once since we will refinance your existing mortgage over to us.
Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.
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