Buy and sell new housing alongside the precedent is not always easy. Focus on a special occasion ally, the bridge loan, to be used wisely. His playground between purchase and sale
Rushing into a new acquisition is also often assign their housing. Logically, the ideal schedule is that we sell before buying. But this principle puts the candidates to buy the risk of a slip case. Hence the role of bridging loan: a loan granted by banks in anticipation of an inflow money - in this case the sale - refundable once upon completion.
Its location, solo or duo
Sometimes the purchase price of the new property is equal to or less than the selling price of the old property. In this case, the bridge loan is "dry." Shunned by some banks, this formula is not necessarily advantageous solo, if one adds to the high interest charges and important issue of discharge of mortgage.
The other scenario is to combine the bridge loan to a mortgage complementary. The overall budget provides funding for well over the long term while supporting the notary fees, the sale is then repayment of bridging loan without penalty. A formula "duet" more interesting: the rates are lower and the fees reduced. The amount
Based on an estimate of the property, necessarily performed by a real estate professional (trader, notary ...), the amount of bridge loan varies between 60% and 100% of its value, possibly minus the remaining balance on a previous loan and evaluated according to the method of repayment (Author's note: see below) and duration.
The principle is simple: the more time selling, the longer the bridge loan is expensive. Today, schools offer rates of around 6% for version "credit dry", and about 4.5% in the best case for a loan used in a formula "duet."
His reimbursement
Whether fixed or variable, lasting three months or two years, any bridge loan must be repaid. Either the borrower rule insurance and interest to the date of sale, every month or quarter, depending on the frequency chosen. Either he will pay only the insurance premium and complete by the interest and principal "in fine", that is to say at the time of sale.
Whatever option is chosen, the ideal is always to repay the bridge loan as soon as possible.
Note
Since May 6, 2007, buyers taking out a bridging loan benefit, like other loans, tax credit on interest loan granted by the State under the law for Employment, Labour and purchasing power. For the record, this credit Tax is 40% of interest paid the first installment (more info on www.impots.gouv.fr).
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