You want to buy a new home, but you haven’t sold your current home yet. And you want to use the equity on your current home to buy your new home. A bridging mortgage will make it possible, because it lets you borrow the amount of the equity on your home to finance the purchase of your new home.
"}},{"componentType":"sectionTitle","title":"Here’s how a bridging mortgage works"},{"componentType":"paragraph","richBody":{"value":"A bridging mortgage is a short-term, interest-only mortgage. You only pay interest during the term. The bridging mortgage will be paid off when you sell your current home. Additionally, you cannot have both a mortgage on your current collateral and a mortgage on your new collateral at the same time for longer than two years, unless the bridging mortgage is extended. If you don’t think your old home will sell within two years, please get in touch with us to go over your options.
You can pay off your bridging mortgage in full or in part at any time during the term. Early repayment is not subject to any conditions or charges.
You can only take out a bridging mortgage if you are also taking out a mortgage with ING for your new home.
"}},{"componentType":"sectionTitle","title":"Advice for your personal situation"},{"componentType":"paragraph","richBody":{"value":"Our mortgage advisers will be happy to answer all your questions and give you advice about which mortgage would be right for you. The exploratory consultation is free of charge, but the actual mortgage consultation is subject to a fee.
A bridging mortgage may be a solution for you if you:
This is on the condition that you take out the mortgage to buy your new home with ING as well.
"}},{"componentType":"sectionTitle","title":"Bridging mortgage costs"},{"componentType":"paragraph","richBody":{"value":"With a bridging mortgage, you will pay:
Mortgage advice is subject to advisory fees, which are charged at a flat rate. You will pay advisory fees for the combined mortgage advice about both the bridging mortgage and the associated new mortgage with ING, meaning that you won’t be charged an additional advisory fee for the bridging mortgage. You can always choose to have a no-obligation exploratory consultation with an ING mortgage adviser. Additionally, make sure you bear in mind the notary fees, appraisal costs and possible other charges.
Good to know: the bridging mortgage is an additional mortgage alongside the mortgage on your new home, and so the notary fees may be higher.
"},"textLinks":[{"url":"/particulier/hypotheek/kosten-koper","text":"More about one-off fees and monthly charges (Dutch)"}]},{"componentType":"sectionTitle","title":"Monthly mortgage interest payment"},{"componentType":"paragraph","richBody":{"value":"With a bridging mortgage, you will be paying interest on the full amount borrowed in arrears every month. The fixed-rate period for a bridging mortgage is always one year, so the interest rate will automatically change after one year. This may lead to the interest payment on your bridging mortgage going up or down.
This sample calculation will give you an idea of how the mortgage payments are calculated. The mortgage rate used is fictitious and intended as an example only. As a result, no rights can be derived from the outcome of these calculations.
"}},{"componentType":"accordion","accordionList":[{"title":"What will my monthly payments be with a bridging mortgage?","richBody":{"value":"Let’s assume the following:
What you will pay
Based on the above details, you will pay the following for your mortgage:
This calculation uses gross mortgage payments, i.e. it doesn’t factor in that mortgage interest may be tax deductible. Besides making payments on the bridging mortgage, you will obviously also be making payments on your new mortgage with ING and possibly on an existing mortgage on your old home.
"}}]},{"componentType":"sectionTitle","title":"Bridging mortgage terms and conditions"},{"componentType":"paragraph","richBody":{"value":"When you decide to take out a bridging mortgage, it’s important to know exactly what to expect. This is where the terms and conditions below come in, as they explain things such as when exactly your mortgage payments will be debited. If you have any further questions about our bridging mortgage, please feel free to contact us. We’ll be happy to help you.
You will pay off the bridging mortgage when you sell your current home. Additionally, you cannot have both a mortgage on your current collateral and a mortgage on your new collateral at the same time for longer than two years, unless the bridging mortgage is extended. If you don’t think your old home will sell within two years, please get in touch with us to go over your options.
"}},{"title":"Can I make capital repayments during the term without having to pay an early repayment charge?","richBody":{"value":"Yes, you can always make capital repayments on your bridging mortgage without having to pay an early repayment charge, so also during the term.
"}},{"title":"Does the bridging mortgage involve a risk of being left with debt?","richBody":{"value":"Yes, this is something that can happen. If your old home does not sell for as much as you expected, you may not be able to pay off your bridging mortgage (in full). You would then be left with debt. If that happens, please contact us on +31 (0)20 22 888 88. We’d be happy to help you find a solution.
More about being left with debt (Dutch)
Yes, the current tax system gives you tax relief on mortgage interest, provided you meet certain conditions.
More about tax relief on mortgage interest
"}}]}]},"legalZone":{"flexComponents":[{"componentType":"paragraph","title":"Good to know","richBody":{"value":"The English text of the website is a translation of the Dutch original version. This translation is intended for the customers convenience only. In case of any discrepancies between the two versions, the original Dutch version shall prevail. The mortgage offer and contract will be signed in Dutch. Also, all further communication after signing the mortgage contract will be in Dutch. You acknowledge and accept this. If any assistance or clarification is needed, we recommend contacting your mortgage advisor or to call our customer service via the ING app.
"}}]}}}