Bridge mortgage in Alicante: 12 to 24 months to sell and move

Picture the scene. You have found the apartment. Third floor in Carolinas Altas, north-facing balcony, the Benacantil rising softly in the distance. The developer gives you two weeks to reserve. Your current home, that duplex in San Blas you have been paying off for six years, has not sold yet. And no bank hands out two mortgages at once. This is where the bridge mortgage comes in.

What it is and why it exists

A bridge mortgage is a single loan that covers two things at the same time: what you still owe on your current home, plus the cost of the new one. The bank does not open two parallel mortgages. It refinances the old one and adds the new purchase into a single operation, on the understanding that when you sell the previous home you will pay back that portion in one go.

The reason is practical. The residential market does not move at your pace. A well-priced flat in Alicante sells in three to four months on average, but a high-end duplex in La Goteta or a villa in Vistahermosa can take twice as long. The bridge mortgage buys you that time.

How much the bank lends

The standard scheme finances up to 100% of the appraised value of the new home, provided the total of both mortgages does not exceed 80% of the combined value of both properties. It is the rule BBVA, Santander, and most lenders repeat in their public materials.

A numerical example for Alicante in 2026. You buy a flat for 240,000 € and the bank appraises it at 250,000 €. You still owe 90,000 € on your current home, appraised at 200,000 €. The combined appraisal is 450,000 €. The 80% ceiling sits at 360,000 €. The new bridge mortgage covers the 90,000 € pending plus 250,000 € for the purchase, a total of 340,000 €. It fits below the ceiling. If the operation crosses the 80% combined cap, the bank will trim the new LTV or ask for an additional guarantee.

The 12 to 24 month grace period

Here is the key. During the first 12 to 24 months, depending on the lender, you only pay interest on the portion of the loan that will be paid off with the sale. Santander, for example, offers up to 12 months of capital grace on its Hipoteca Cambia de Casa. Unicaja extends the term to 24 months. CaixaBank, in specific cases, accepts grace periods of up to 36 months.

The effect is that your monthly payment while you sell is far below the sum of two mortgages. You pay capital and interest on the permanent portion (the part that stays) and only interest on the bridge portion (the part that vanishes with the sale).

Interest rates and total term

A bridge mortgage costs more than a standard one. The nominal rate (TIN) moves between 3% and 6% in 2026, depending on profile, lender, and whether the rate is fixed, variable, or mixed. The reason is the added risk: the bank depends on your home selling within a reasonable timeframe and price.

The total operation term, once converted into a conventional mortgage, can stretch to 30 years at banks like Santander, provided the borrower's age at maturity does not exceed 80. The clock starts at signing, not at the sale.

Banks offering it in Spain

The catalogue changes little year to year. Santander keeps its Hipoteca Cambia de Casa with financing up to 100% of the purchase price. Unicaja offers it up to 70% of the new home's value. Bankinter grants it with grace periods and, for many profiles, an extra bank guarantee. CaixaBank is the most flexible on terms. BBVA does not list it in its standard catalogue but grants it case by case to clients with the right profile. ING, Sabadell, and online-only banks tend not to offer it.

Any serious comparator will remind you that published conditions are indicative. What matters is bringing a binding FEIN offer, regulated by Spanish Law 5/2019, to compare APR, fees, and clauses side by side.

What happens if you do not sell in time

This is the big risk. If the grace period ends and your previous home is still unsold, the payment jumps. You start paying capital and interest on the entire operation, the equivalent of two mortgages at once. Some banks allow renegotiation and an extension of the grace period, almost always in exchange for a fee and a fresh appraisal.

In Alicante, where demand in consolidated neighborhoods like Vistahermosa, San Juan beach, or the center is steady, this scenario is not usually catastrophic, but it requires you not to list above market. A formal appraisal and a realistic price are your best guarantee, including in the eyes of the bank itself.

Costs and fees

A bridge mortgage carries the costs of any standard mortgage plus a few extras. The appraisal is done on two properties, not one, so you pay two appraisals. The opening fee can range from 0% to 1% depending on the lender. The early repayment fee is what you need to watch most closely: on variable-rate mortgages it is usually 0.25% in the first three years and 0.15% in years four and five. On fixed-rate, up to 2% during the first ten years. The repayment you will make with the sale proceeds falls within these legal ceilings set by Law 5/2019.

Alternatives if it does not fit

Not everyone needs a bridge mortgage. If a buyer for your current home appears quickly, an extended earnest-money agreement of three or four months can be enough to chain the two operations. If the new home allows you to wait, renting out your current flat temporarily and selling later in a better market is another route. And for small amounts, a personal bridge loan covers the gap without touching the mortgage, although at a higher interest rate and a shorter term.

At ESYS VIP we walk you through the puzzle. If you want to see which home is waiting on the other side, you can explore our properties or contact us and we will talk about the market moment in your neighborhood.