What Is A Residential Mortgage?
A residential mortgage is a large loan designed to assist one or
more individuals to purchase a property to live in. The property
must be used as a home by those taking out the mortgage, so you
won’t be able to purchase the property to rent out to tenants or
use for commercial goals.
Residential mortgages can be carried out by first-time consumers,
those moving home, or those looking to remortgage. Residential
mortgages are guaranteed against your property which means
that if you are consistently unable to keep up with your mortgage
repayments, your lender has the legal right to repossess your
home. Finally, this indicates you could be forced to sell your home
so that the lender can recoup its money, but this is usually a last
resort.
The length or ‘term’ of a residential mortgage is generally 25
years, but mortgage terms are slowly getting longer, with more
individuals opting to take out a mortgage over 30 years or more.
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A residential mortgage is a large loan designed to assist one or more individuals to purchase a property to live in. The property must be used as a home by those taking out the mortgage, so you won’t be able to purchase the property to rent out to tenants or use for commercial goals. The length or ‘term’ of a residential mortgage is generally 25 years, but mortgage terms are slowly getting longer, with more individuals opting to take out a mortgage over 30 years or more. To know more visit here https://www.centricbank.com/for-you/mortgage-loans
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What Is A Residential Mortgage?
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