We are happy to announce that myResidential has been certified to work with some financial institutions who provide property loans (Mortgages). We can assist you with mortgage products for the purpose of property purchase situated in England and Nigeria.
Home-ownership is usually top on the list of all the reasons why people want to invest in real estate, globally. Real estate is in no doubt an indispensable tool designed for the support and sustenance of human life. It is also a tool created for mankind to express creativity, desires, and ambition.
Mortgage loans are one of the common options for home-ownership in many countries because it is believed to create some ease of home-ownership. In the UK and now picking up in Nigeria.
The mortgage option in UK is about 4% on top of the base rate while in Nigeria, your required to provide equity of 20 – 30 percent of the total value of the home sale price. As usual, the home will be the collateral for the loan as you increase your equity over a period of years. Loss of income or ability to earn an income during the tenure of the mortgage translate in most cases to losing the home to the lender. See the pros and cons below.
Looking to buy?
Are you are looking to purchase an investment property in London or the surrounding area, or looking to purchase a property in Nigeria? We work with several financial institutions to provide mortgages for in the UK and Nigeria. The financial institutions provide competitive Property Loans to facilitate the purchase of both investments buy-to-let properties and residential owner-occupied properties in the UK.
Mortgage for 2 Bed property
Pros & Cons
Longer-term mortgages – With the average house price in the UK currently £223,257, a mortgage is the only way for most people to own their own home. However, longer-term mortgages are becoming available.
Cost-effective borrowing – The interest rates on a mortgage are generally lower than for other types of borrowing.
Lenders can offer a variety of mortgages such as fixed-rate, tracker, or discounted deals. It's possible to find a specific mortgage deal that's ideal for your circumstances and also make it an affordable option.
Easy to repay - The mortgage is repaid little by little on a monthly basis, and depending on the interest rate, your monthly repayments could well be much lower than the rent you would pay in your area.
Debt – By taking out a mortgage, you're taking on a commitment to pay back a lot of money within a certain time period, including interest.
Secured Loan – A mortgage is a secured loan against your property so if you can't keep up with repayments, you could end up losing your home.
Various fees – In addition to the interest you pay, there can be a surprising amount of other fees to pay, including valuation fees, remortgaging fees, and conveyancing costs.
Interest rates on mortgages are constantly changing and can increase – This could be an advantage because they can also decrease, but it could mean you end up paying more than you expected.
Repossession - If homeowners can’t make the repayments, their home will be repossessed. If you are unable to keep up the monthly payments on your home, you must speak to your lender as soon as possible. They may be able to find a way to help you, or you run the risk of losing your home.
The value of your property may decrease as the market fluctuates – You can never know for certain if the value of your property will increase, and you may find that you lose money on the property if you choose to sell.
Get In Touch
info@myresidential.org
0203 239 4012
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