www.StartArticle.com
Do You Have To Have A Mortgage To Buy A Home?
by: Mark Lambie
|
|
Buying a house is almost certainly the most expensive purchase you will ever have to make. Finding or saving the funds to buy your first home and get your foot on to the property ladder used to be almost impossible without taking out a mortgage to lend you the required funds.
Although most people still dont have access to the amount of cash you would need to buy a home, alternate options to the mortgage are starting to be explored. With the increased use of the internet to search for your new home, and the increased involvement of the buyer and seller of the house, direct communication between the two parties has never been better.
Buyers and sellers are now communicating together to see if they can reach a compromise for the exchange for the house which doesnt always include financial payment. These deals are becoming increasingly creative and can accommodate a whole host of requirements for either or both parties.
The most widely used alternative to the traditional mortgage is that of the seller mortgage. Most buyers, particularly first time buyers, require a substantial down payment towards the purchase of their new home. This is usually a percentage of the overall price and is 10% as standard. The cost of houses in the UK has risen hugely over the past decade and so this can be as much as 18,000 in some areas of the country for a small two bedroomed terraced house. Given that many buyers have to rent their current home, savings are not always easy to come by. Should they wish to buy a house from someone who has no outstanding mortgage to pay a seller mortgage agreement is a possibility.
The seller mortgage involves the original owner remortgaging the property and then setting up an amortized loan for the new buyer. This is a complicated loan but has been made much easier lately as it can be set up online and does not necessarily need an experienced and expensive accountant to work out the details.
Here's a best article source for you: www.startarticle.com
|
About The Author Mark Lambie is the founder of http://www.loan-source.co.uk a website providing homeowners with free secured loans quotes.
|
Read More Articles from the business-finance Category:
I was an avid reader growing up. Ive read the Little House on the Prairie series probably 30 times and an unknown number of Black Beauty and Nancy Drew novels. I remember sitting for hours at a time, in the corner of our living room in my daddys favorite recliner, absorbed in the stories. My m ...
Author: Laura Stack, MBA, CSP
A survey respondent told me, Meetings are my big timewaster. I have literally spent entire days in meetings. I not only get nothing done at my desk but also inherit additional work. I suppose if I could wish for one thing it would fewer meetings. Hey, I can dream, cant I? Yes! Lets dream a ...
Author: Laura Stack, MBA, CSP
Believe it or not, the success of your attempt to collect a debt is usually decided right at the beginning of your phone call with the very first thing you say after the other party says hello. Knowing exactly what you are going to say and handling the call in an organized, professional manner i ...
Author: Jim Finucan
When is 3 percent better than 6 percent? Yeah, we all know the answer, but only until the prices of the securities we already own begin to fall. Then, logic and mathematical acumen disappear and we become susceptible to all kinds of special cures for the periodic onset of higher interest rates. We ...
Author: Steve Selengut
With the euro down nearly 15% this year and at a two-year low against the U.S. dollar, the worlds largest exporting nation is worth a good look. So is another country that has thriving exports in spite of a stronger currency. Were talking about Japan and Germany, respectively, the worlds second- ...
Author: Carl Delfeld
Building a solid customer base is a necessity of any small business. Often times these smaller businesses cannot compete effectively with larger companies in terms of resources. For example, Toms mini-Mart is not going to be a match for Farmer Jacks Grocery Chain. The later will beat them in parki ...
Author: Murad Ali
There are probably very few forms of investment where you don't need money to make money. When you try borrowing money from your local bank to purchase shares in that bank you will most certainly be shown the door in a polite way! This will quicly prove to you that you will need your own money to a ...
Author: Neels Theron
Stock Market Myths 1. You can tell if a Stock is cheap or expensive by the Price to Earnings Ratio. False: PE ratios are easy to calculate, that is why they are listed in newspapers etc. But you cannot compare PEs on companies from different industries, as the variables those companies and indu ...
Author: Cory Bain
RECOMMEND
| ||
| ||
| ||
| ||
| ||
| ||
| ||
| ||
| ||
| ||
| Travesties and Transgressions in Tudor and Stuart England - ( free e-book ) This book examines how the orderly, Protestant, and hierarchical society of post-Reformation England... Readmore | ||
| The Voice of the Past Oral History - ( free e-book ) Now in a new edition, this influential book traces oral history through its own past and weighs up t... Readmore | ||
| Apus 1.30 - ( free softwre ) This is the Java version of the board game Master Mind. The objective of the game is to break a secret code up to 10 moves. Different pegs and boards. In-game hints. Pegs for people with a colorblind. 4 levels of difficulty. 4 to 12 colors of pegs.... Readmore | ||
| Sudoku Pagoda (Windows) 1.0 - ( free softwre ) This is a somethig special for all Sudoku lovers. Sudoku Pagoda is an amazing puzzle game. It's just what you need to relax. Additional Puzzle Creator mode makes it even more fun. Make layouts that can be shared with others. ... Readmore |
