Small Living Area: Can I Finance a Small Living Area?
Lenders reserve mortgages for single-family homes. They also fund second homes, new home build projects, and multi-unit properties. However, the majority of home loans fund the purchase of primary residence homes. Some homebuyers prefer to live in a small living area for several reasons. If they seek financing, the property must meet a set of criteria.
For example, lenders have two thresholds that every property must meet, size and value.
A homebuyer who hopes to finance the purchase of a studio apartment can if it meets the requirements. Banks remain conservative in their lending practices. To finance a small living area, it must measure at least 40 square metres. Mortgage House drops that requirement to 30.
The other requirement is value. Mortgage House like banks requires a minimum home loan amount of $100,000. Once a mortgage drops below $100,000, it becomes a different type of loan.
Investors who would like to invest in a small living area can also find financing. Even though it’s an investment property, it still must meet the two requirements.
Mortgage House funds property purchases for owner-occupiers and investors. To start the process, we encourage individuals to speak with our loan specialists. They have the tools to evaluate applications efficiently.
Once you become a Mortgage House client, you receive access to our other products including our car loan.
Small Living Area Conclusion
Mortgage House is a non-bank lender that finances the purchase of a small living area. We finance apartment purchases that meet our minimum threshold of 30 squared metres. To apply for this financing, contact our loan specialists.