Service Details

Upgrading or Downsizing and Bridging Finance Loans

Navigating Your Next Move: Upsizing or Downsizing with Confidence

Life changes bring new beginnings, and sometimes, that means a change in your living space. Whether you’re welcoming a growing family, embarking on a career shift, or simply seeking a fresh start, Sky Blue Finance is here to guide you through the exciting journey of buying your next home.

Understanding the Journey:

Moving while already owning a home presents unique considerations. Here are some key factors to navigate:

• Selling First or Buying First? Deciding the right sequence depends on your circumstances, the current market climate, and your lender’s appetite for financing. We’ll analyze all these aspects to determine the optimal strategy for you.
• Financing Options: There are various ways to approach financing your next move. We’ll delve into these options, including:
• Contemporaneous Settlement: This dream scenario involves buying and selling on the same day, eliminating the need for double mortgage payments or temporary housing. It also allows for transferring existing fixed loans without penalty fees.
• Bridging Loan: If you buy before selling, a bridging loan can temporarily cover both mortgages. “Closed Bridge” options are ideal if you already have a confirmed sale date. “Open Bridge” options require long-term affordability on both loans and may have alternative solutions explored through our Specialist Lending team.
• Break Costs: Also known as Exit Right Rates (ERR), these are fees you might incur if you can’t settle contemporaneously or need to restructure your existing loan. Understanding these costs upfront is crucial. We’ll help you navigate this aspect and get estimates from lenders.

Sky Blue Finance goes beyond just mortgages. We’re your trusted partner, empowering you to make informed decisions for a smooth and successful move. Contact us today for a free consultation!