Mary and her family found the perfect new home in a desired area for their children’s school catchment. However, they hadn't yet sold their current property and were concerned about missing out on their dream home.
After consulting with her Provident broker, Mary learned about bridging finance. Bridging finance is a short-term loan that allows you to purchase a new property before selling your current one. It "bridges" the gap between the purchase of a new property and the sale of an existing property.
Mary decided to move forward with bridging finance and found the perfect lender who offered competitive rates and flexible terms. With the help of her Provident broker, she secured the bridging loan and purchased her dream home.
Here are some key benefits Mary experienced by using bridging finance:
1. No missed opportunities: With bridging finance, Mary was able to secure her dream home without having to wait for her current property to sell. This ensured she didn't miss out on the perfect opportunity.
2. Flexibility: Bridging finance offered Mary flexibility in terms of repayment. She was able to repay the loan once her current property was sold, without any early repayment penalties.
3. Peace of mind: Knowing that she had secured the funds to purchase her new home, Mary had peace of mind throughout the process. She could focus on preparing her current property for sale without the stress of missing out on her dream home.
4. Competitive rates: Mary was able to secure bridging finance at competitive rates, thanks to her broker's negotiation skills. This made the process more affordable for her.
5. Smooth transition: By using bridging finance, Mary was able to move smoothly from her old home to her new one. She didn't have to worry about temporary accommodations or storage for her belongings.
Bridging finance can be a valuable tool for those looking to purchase a new home before selling their current one. It offers flexibility, peace of mind, and the ability to secure your dream home without missing out on opportunities.
If you're in a similar situation as Mary, consider speaking to one of our experienced mortgage brokers to explore bridging finance options.
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