{"id":369670,"date":"2024-06-14T09:00:00","date_gmt":"2024-06-14T07:00:00","guid":{"rendered":"https:\/\/aq-acentor.com\/?p=369670"},"modified":"2024-06-13T16:06:11","modified_gmt":"2024-06-13T14:06:11","slug":"bridge-loan","status":"publish","type":"post","link":"https:\/\/aq-acentor.com\/en\/bridge-loan\/","title":{"rendered":"Bridge loan: how it works and its benefits"},"content":{"rendered":"\n<p>It is common that the owner of a property may consider <a href=\"https:\/\/aq-acentor.com\/en\/promocion\/\">buying another property<\/a> for reasons such as a change of city, a change in lifestyle or simply because he has found a new apartment or a new house that is more suited to his tastes and needs. When this happens, the most common option is to sell the first home.<\/p>\n\n\n\n<p>The difficulty arises when you decide to make this second purchase without having finished <a href=\"https:\/\/aq-acentor.com\/en\/how-to-sell-an-apartment-with-a-mortgage\/\">paying the mortgage on the first property<\/a> and without having sold it yet. But is this really a problem? The truth is that it is a more common situation than many people imagine, which is why alternatives have appeared to facilitate this procedure, as is the case of the <strong>bridge mortgage<\/strong>.<\/p>\n\n\n\n<p>Here we are going to tell you what a <strong>bridge loan<\/strong> consists of and why it is an alternative to take into account when acquiring a second home without having sold the first one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a bridge mortgage and how does it work?<\/h2>\n\n\n\n<p>You are probably wondering what a bridge mortgage is. And the fact is that, despite being a <strong>very effective alternative for those who want to buy a property without having sold the previous one <\/strong>and while they are still paying the first mortgage, the truth is that it is still a little known term.<\/p>\n\n\n\n<p>Well, a <strong>bridge loan<\/strong> is a type of loan that allows the above-mentioned procedure to be carried out. For this purpose, the bridging loan <strong>unifies both loans until the first property is sold<\/strong>, offering the mortgagor a <strong>term of two to five years<\/strong> to complete the whole process.<\/p>\n\n\n\n<p>How does a bridge mortgage work? It should be noted that there are<strong> three types of installments<\/strong> that can be taken when applying for a loan of this type:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Normal installment: <\/strong>this is the one that offers the possibility of amortizing the capital and interest at a normal rate.<\/li><li><strong>Installment with capital deficiency: <\/strong>it is only necessary to pay the interest of the loan until the first house has been sold.<\/li><li><strong>Special reduced installment: <\/strong>the amount of the installment to be paid while enjoying the bridge loan is lower than that which will have to be paid after the sale of the first property. A high percentage of this installment is destined to the payment of interests.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">When is it useful to take out a bridging loan?<\/h2>\n\n\n\n<p>Now that we know what a bridging loan is, it is important to analyze in which situations it is beneficial to apply for a mortgage with these characteristics. Among the most outstanding ones:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>When you <strong>have found a new home<\/strong> you want to buy <strong>but have not yet managed to sell the previous one<\/strong>.<\/li><li><strong>When you think that the first property is going to be easy to sell <\/strong>because there is a deadline to finalize the transaction.<\/li><li><strong>When you can afford to pay the installments<\/strong> even without selling the house.<\/li><li><strong>If an earnest money contract has been signed and the closing date is approaching <\/strong>when the first home has not yet been sold.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/storage.googleapis.com\/aqacentor-corporativewebs-pro--corporative-web--wp--pro--static\/1\/2024\/06\/prestamo-puente-1024x682.jpg\" alt=\"bridge-mortgage\" class=\"wp-image-369666\" srcset=\"https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/prestamo-puente-1024x682.jpg 1024w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/prestamo-puente-300x200.jpg 300w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/prestamo-puente-768x512.jpg 768w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/prestamo-puente-1536x1024.jpg 1536w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/prestamo-puente.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What are the conditions for taking out a bridge loan?<\/h2>\n\n\n\n<p>We already have the basic information about what a <strong>bridging mortgage<\/strong> is and it is time to know what are the<a href=\"https:\/\/aq-acentor.com\/en\/what-are-the-requirements-for-taking-out-a-mortgage\/\"> requirements<\/a> to be met to apply for it.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>First of all,<strong> it is necessary that there is a probability of sale of the first property<\/strong>. For this, the banks that offer bridge mortgages analyze factors such as the location, the purchase demand in the area and the probability of sale.<\/li><li><strong>The ability to pay is also taken into account<\/strong>, i.e., whether the applicant could pay the bridge loan installment without any problem. For this purpose, it is assessed whether the installment exceeds 30% of the monthly income.<\/li><li>The <strong>amount amortized is also considered<\/strong>, that is to say, that a minimum amount of the first mortgage has been paid in order to be able to offer this other type of loan. This amount may vary depending on the entity.<\/li><li>Finally, other mortgage performance conditions similar to those taken into account when applying for a first loan are taken into account, such as <strong>employment situation and stability, payment capacity and savings<\/strong> or <strong>the applicant&#8217;s age<\/strong>, among others.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Advantages and disadvantages of the bridge mortgage<\/h2>\n\n\n\n<p>The main advantages that a bridge mortgage offers to customers are that it gives them <strong>more time to complete the sale of the first home <\/strong>while they can already enjoy the second property, as well as offering <strong>great facilities to pay the installment until the sale is completed<\/strong>.<\/p>\n\n\n\n<p>But there are also some drawbacks, such as the <strong>notorious increase in installments<\/strong> in those cases in which, after the stipulated period, the sale has not yet been completed, as well as the <strong>risk that the first property may be devalued <\/strong>over time.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/storage.googleapis.com\/aqacentor-corporativewebs-pro--corporative-web--wp--pro--static\/1\/2024\/06\/bancos-que-ofrecen-hipoteca-puente-1024x682.jpg\" alt=\"banks-that-offer-bridge-loan\" class=\"wp-image-369662\" srcset=\"https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/bancos-que-ofrecen-hipoteca-puente-1024x682.jpg 1024w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/bancos-que-ofrecen-hipoteca-puente-300x200.jpg 300w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/bancos-que-ofrecen-hipoteca-puente-768x512.jpg 768w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/bancos-que-ofrecen-hipoteca-puente-1536x1024.jpg 1536w, https:\/\/aq-acentor.com\/wp-content\/uploads\/2024\/06\/bancos-que-ofrecen-hipoteca-puente.jpg 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Banks offering bridge loans<\/h2>\n\n\n\n<p>Now we have all the necessary information and we only need to know the <strong>banks that offer the bridge mortgage<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BBVA bridge loan<\/h3>\n\n\n\n<p>On the one hand, we can find the <strong>bridge loan from BBVA bank<\/strong> with the conditions indicated above. In addition, it is possible to calculate the payment requirements and installments of a <strong>bridging mortgage <\/strong>at BBVA through the simulator of this bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ING bridge loan<\/h3>\n\n\n\n<p>It is also possible to apply for the <strong>bridge mortgage from ING bank<\/strong>. In this bank you can receive more information about this type of credit and calculate the installments you would have to pay through its mortgage simulator.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Santander bridge loan<\/h3>\n\n\n\n<p>Another alternative is to apply for a <strong>bridge loan from Santander bank<\/strong>. Among the benefits offered by this bank are its financing up to one hundred percent of the price of the second property, in addition to offering a maximum term for the operation of 30 years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Caixabank bridge loan<\/h3>\n\n\n\n<p>If you apply for your <strong>bridge mortgage at Caixabank<\/strong> you should know that this bank offers different types of mortgage loans with options for different types of customers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bankinter bridge loan<\/h3>\n\n\n\n<p>To consider the <strong>Bankinter bridge mortgage<\/strong> it is necessary to contact the bank in order to receive all the necessary information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sabadell bridge loan<\/h3>\n\n\n\n<p>Calculate your <strong>Sabadell bridge loan<\/strong> in its loan simulator.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is common that the owner of a property may consider buying another property for reasons such as a change of city, a change in lifestyle or simply because he has found a new apartment or a new house that is more suited to his tastes and needs. When this happens, the most common option [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":462541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[548],"tags":[],"class_list":["post-369670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bridge loan: how it works and its advantages | AQ Acentor<\/title>\n<meta name=\"description\" content=\"In AQ Acentor&#039;s blog we explain what a bridge loan is, when it is useful to contract it and what are its advantages and disadvantages. 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