BRIDGING MORTGAGES

Mortgages made easier in Spain

Have you found a house you want to buy, but need to sell your own to raise the finance?

Is it likely to take a while to sell? A solution would be to get a bridging loan with three years grace on paying back the capital. This would give you three years to sell your house, or to rent it out for some extra income.

Crown Financial Services are offering clients the chance to take advantage of this special deal. Each loan given would of course be tailor made to suit the clients best interests, but to explain how it works, we have set out an example below:

Figures based on a 20 year mortgage (can go to 30 years) for a loan of €400,00

Existing Property worth €265,00	New Property worth €400,00
The loan for €400,00 is given as 60% of EACH Property (this will vary depending on the loan requirements)
60% old property = €159,00	60% new property = €241,00
Repayments
1st year = €0 (0% redemption)	1st year = interest only
2nd year = interest only (1% redemption)	2nd year = interest only
3rd year = interest only (1% redemption)	3rd year = interest only
4th year = interest plus capital	4th year = interest plus capital
Payment Summary
1st year €763 (new property only) Brilliant for a €400,00 loan
2nd year €1,266 (both properties interest only) if existing property not sold
3rd year €1,266 (both properties interest only) if existing property not sold

4th year onwards = €2,906 (if existing property is not sold)
4th year onwards = €1,846 (if existing property is sold)

Crown Financial Services has a range of mortgages to suit clients needs. Our office hours are from 10.30 to 6.00pm. Call Trish to arrange an appointment 95 252 7256