Do You Have To Have A Mortgage To Buy A Home

Do You Have To Have A Mortgage To Buy A Home

Do you​ Have to​ Have a​ Mortgage to​ Buy a​ Home?
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 don’t 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 doesn’t 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.

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