Mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan. Mortgage applications go through a rigorous underwriting process before they reach the closing phase. It’s important to see a mortgage adviser at the start of your mortgage journey whether it’s your first mortgage or your looking to re-mortgage. It will save you a lot of time and effort in the long run. Avarts Housing Ltd in partnership with Housing Finance Bank makes your mortgage journey easy. We will:
(i) check your finances to make sure you are likely to meet the individual lender’s lending and affordability criteria.
(ii) help you complete the paperwork, so your application should be dealt with faster.
(iii) help you take all the costs and features of the mortgage into account, beyond the interest rate.
(iv) only recommend an appropriate mortgage for you and will tell you which ones you’re likely to get.
Mortgages for Home Purchase.
The price of a home is often far greater than the amount of money most households save. As a result, mortgages allow individuals and families to purchase a home by putting down only a relatively small down payment, such as 20% of the purchase price, and obtaining a loan for the balance. Buying a home is one of the most exciting things you’ll do in your life. It’s also likely the most expensive. Unless you have a swimming pool full of cash, you’ll need to take out a mortgage to help finance the purchase of a home.
Mortgage for Real estate Development.
Whether you’re building a new property, renovating an old one or extending a small one, you need to have a way of financing the project. You might be a developer, a landlord or just an investor, but whatever reason you have for seeking property development finance, there are a number of options available to you.
You might need an initial loan to buy an existing property or a piece of land on which to build. This would usually be in the form of a commercial mortgage or perhaps a buy-to-let mortgage. If you are buying a property at auction, there are lenders that specialise in this type of finance too.
At Avarts Housing Limited, we do our best to match you with the right lender for your project.
Contact us today and let’s walk with you on this journey!