How Can I Get a No Deposit Home Loan If I Don’t Have a Guarantor?
Several mortgage products have made their way onto the lending market including the no deposit home loan. It’s a nice alternative to the conventional mortgage for homebuyers who do not have a 20% deposit saved.
When a mortgage product drops the requirements of a conventional loan, it replaces them with something else. In this case, it replaces the deposit with a guarantor. A guarantor has strict requirements to qualify. Thus, not all homebuyers can find a qualified guarantor.
The good news is that there is an alternative to the guarantor for the no deposit home loan. Homebuyers in this situation can obtain a stretch package with a top-up facility. A stretch package is a loan product that covers a short-term gap. The top-up facility increases the loan amount.
Mortgages provide the most competitive rates and best loan terms. When a homebuyer is short on funds to finance their purchase, it’s best to search within the home loan market. It’s cheaper than seeking a line of credit or credit cards.
Mortgage House specialises in creative mortgage solutions. As a non-bank lender, our loan specialists have access to innovative mortgage products and solutions. We take pride in offering an array of mortgage choice options.
No Deposit Home Loan Conclusion
A no deposit home loan helps homebuyers become homeowners sooner. However, it requires a guarantor, among other elements. Homebuyers who cannot obtain a guarantor can consider a stretch package with a top-up facility. To start the process, contact our Mortgage House loan specialists.