Is Community Title Acceptable as Security by Mortgage House?
Mortgage House accepts a community title as security in some cases.
A community title consists of four components, the plan, by-laws, scheme description, and development contract.
Mortgage House loan specialists review the title before rendering a decision. Community titles allow the owner access to shared spaces. It’s an added perk for the owner. As security for a new loan, it’s tricky. If the applicant shares ownership of public spaces, they make decisions with others. A lender isn’t in the business of sitting on boards, so it’s not an ideal situation.
Shared spaces include walkways, parking ports, swimming pools, and gardens.
Nonetheless, Mortgage House takes a look at the documentation. In cases where a community title doesn’t work as security, loan specialists receive access to tools that find other solutions. There may be a different mortgage choice available to you, even as an investor.
Since 1986, Mortgage House has offered alternative solutions to clients who seek different home loan products. If we understand your financial goals, we can find a financial product that works.
Community Title Conclusion
To find out if your community title qualifies as security by Mortgage House, contact our loan specialists. Our team checks the details of the title. In cases where there is an issue, specialists work to find alternate solutions.