Mortgage Bridge Loan Costs

If you want to borrow money as a bridge to the mortgage loan, you will need to pay interest for the period you are borrowing. Bridge loans tend to have high interest rates because they are intended for people who need a certain amount of money immediately, although the borrowing period is short due to their nature. Various other expenses such as stamp fee, transfer fee, seal certificate and resident’s card issuance fee are required to receive the loan. In order to receive a bridge loan, these various expenses are required as application expenses. In this way, you will spend more than you should, so you will need some margin in your financial planning for home purchases. The amount of the bridge loan application stamp varies depending on the amount of the loan, but it costs tens of thousands of yen. Assuming that you receive a loan and spend 2.5% of the annual interest rate at 40 million yen, the interest accrued every day is calculated to be 2,739 yen each day. If it takes 15 days, the amount to be paid as interest will be less than 40,000 yen. Since such interest will also cost a stamp duty, it will cost about 50,000 yen for a bridge loan. Ultimately, about 110,000 to 140,000 yen will be needed to borrow and return the money. Nowadays, it is becoming more common to use a mortgage called Flat 35, but Flat 35 has a fixed start date depending on the month. For this reason, if the timing is not right, you will definitely need a bridge loan, so let’s simulate a financial plan that includes not only the borrowed amount but also the due date.


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