Buying home mortgage without mortgage: which bank?
The mortgage purchase can be obtained without mortgage, using the bank guarantee, an alternative guarantee often less burdensome than the mortgage.
Buyout mortgage and mortgage
The mortgage is a rather widespread guarantee in the banking sector, it is the privileged guarantee of some credit institutions to grant funds in the framework of mortgage loan or repurchase of mortgage. This type of guarantee significantly reduces the risks for the lender, especially over long borrowing periods, beyond 25 years and up to 35 years. Simply, this guarantee is more binding for the borrower because it gives the right to a bank to seize the property in case of non-repayment of sums due, a rare but possible situation.
Rather than having to go through these particularly uncomfortable steps, it is possible to opt for an alternative guarantee, that is to say the bank guarantee. The interest of the guarantor is to provide less radical solutions to the borrower in case of financial difficulties, but all institutions credit and credit buybacks do not offer this guarantee.
Buy your home mortgage without mortgage
A mortgage is an official act, which attests to the law that an entity has priority over the seizure and resale of real estate in the event of non-payment by the borrower. This act is made official through the notary, who will register on the register the institution of repurchase of credit as beneficiary number one.
In France, the figures estimate that 60% of mortgages are secured by a mortgage, so it is a relatively widespread guarantee and rather well accepted, but it is clear that in the context of mortgage repurchase, a series of financial contingencies could have occurred and thus weaken the banking situation, which necessarily induces thinking about the type of guarantee in case of a new blow. The deposit can be a very good alternative to the mortgage.
The operation of the deposit is simple: a surety company offers as guarantor of the repayment of sums due by the borrower, in case of non-reimbursement, the surety company is responsible for refunding the amounts due and then turns to the borrower to find a solution to recover the sums. A mediator is set up, the resale of the property can intervene but it will be used only in case of last resort and in the absence of a recovery of situation or in case of non completion of the mediation.
Which bank to solicit for its mortgage repurchase without mortgage?
Some credit repurchase institutions are known to offer only mortgage financing, for others, their offers depend on the borrower’s profile, the amount of mortgage to be bought back as well as his financial situation.
The comparator is therefore the best way to access offers to buy mortgage-free loans, as it will automatically survey the institutions that can respond favorably to the borrower’s request. Just file a request by filling out the form and validating it, the first offers will be quickly communicated.