This is a temporary loan providing financial cover which enables you to build or buy your new property before you sell your current home.
Advantages:
- You can complete the purchase of a new property before selling your existing property.
- You can minimize pressure, including not being forced to sell your existing home at a lower price.
Disadvantages:
- Interest payments will keep adding up until your existing property sells.
- Sufficient equity is required in your current home to support the purchase.