People work very hard to fulfil their dream of becoming the owner of the property anywhere. Such people work hard for years to save the deposit that is required for purchase. The concessionary purchase is a type of option that is available for people, who do not have enough savings for the property purchase and yet can fulfil their dream. The right way of learning more about it is by hiring a mortgage advisor for the job.
You can find the best advisor while planning to get the mortgage for a concessionary purchase by visiting Mortgage Experts Online. This platform connects the lenders with the borrowers for all kinds of mortgages that are available today. You can go through these options and make a wise decision. Visit the website to know more.
To make the property purchase a cheaper deal for the buyer, the property will be sold at a discounted price, as a gift to the buyer. This works in different ways and is listed below.
- Family or parental concessionary mortgages
Based on the current property market, the parents look for ways to help their children with their expenses and difficulties. This is when the concessionary purchase option will be their helping aid.
- Employers’ concessionary mortgages
The employers come up with the idea of selling their property to their employees at discounted price, and this is when the concessionary purchase will be their helping aid. Here, an extra term is added to the clause stating that the employer did not have any issue in selling their property at discounted price for their employee, so that no dispute may arise in future.
- Landlord concessionary mortgages
Most of the landlord’s plan on selling their property to their tenants with a discounted selling price for their property. Such landlords choose their best and also the long-standing tenants for selling their property. The main goal of the landlords here is to avoid the hassles that come with open market property selling, and hence the value that comes with the rent that is paid for years is recognised and also valued.
- Developers concessionary mortgage
Many land developers wish to sell their properties at discounted rates to the buyers that show interest in their properties. This term is also known as the developer discount. However, it is not easy to find a lender that is willing to offer a mortgage for properties that are new builds.
In case of the developer’s concessionary mortgage, the mortgage lenders would like to know about the actual reason that made the seller sell out their property at lower rates. The main aim here is to wave off the idea of some problems in the properties that made the market value go down while selling them. Such properties should not cause any trouble in the later years, and hence all precautionary measures will be handled beforehand.
Applying for the concessionary purchase mortgage is just like applying for any other mortgage type. The lenders here will require thorough detail on the properties that are involved in this case so that nothing negative is involved with the selling of the property at a lower market price.