You can make use of a bridge loan. We will give you the funds you need immediately, but we are in no hurry to be paid back. We will give you up to two years to move or to build your new home, allowing you to hold out for a good price for your old home.
Representative example of bridge financing
The total amount of the loan is CZK 1,400,000. Monthly repayments are CZK 4,509 (interest only). The total number of repayments is 24 plus a one-off payment equal to the principal drawn down amount. The interest rate is fixed for two years at 3.74% per annum. The fees associated with the loan form part of the total loan costs and include:
- administration fees of CZK 4,000 for entering and deleting the bank’s mortgage interest over the property in the land registry
- property appraisal fee of CZK 4,400.
Loan term: two years. The annual percentage rate charged (APR) comes to 4.09% and the total amount to be repaid is CZK 1,565,564 (assuming the interest rate does not change for the entire term of the loan).