Thank you for your enquiry for a Purchase Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Purchase Mortgage will reflect your own personal needs.
To enable us to provide you with an initial quote for your Purchase Mortgage please submit your details and we will try to contact you today.
Purchase mortgages are something some might want to consider. A purchase money mortgage (PMM) is what this specialized mortgage is more commonly called. It is a way of bypassing common commercial loans from banks and borrowing directly from the seller. If you cannot qualify for the percentage requested from the bank or you do not have a good credit history, then purchase money mortgages are something worth pursuing.
Sellers can benefit from this as well especially if the only buyers available are not able to borrow from the bank. Sellers also sometimes offer purchase money mortgages so that they can write off more on their income tax and/or they want the interest for themselves. They also then risk losing the payments if the buyer is unable to make payments.
The downside to these types of purchase mortgages are that that the seller can charge higher interest if they want and the purchaser does not have as many options to choose from. Using an experienced mortgage adviser will help you avoid this from happening because we are trained to seek the best deals and can negotiate for you.
Purchase money mortgages are not for everyone but depending on the individuals circumstances they could be suitable.
We can simplify the process for you and explain all the fees. We can also make sure that the monthly payments are realistic because you can still have your home repossessed by the seller.
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The Mortgage train is a trading style of SourceIFA Limited. Registered office Argyll House, 158 Richmond Park Road, Bournemouth, Dorset. BH8 8TW Registered in England and Wales No. 06363148. This website is produced for information only and does not constitute or offer advice.