Assumable
mortgages are not available in the UK but happen occasionally
in the US.
In most homebuying cases, a potential buyer goes to the bank and
takes out a mortgage for the purchase of a property. But with
an assumable mortgage, the seller transfers the home loan to the
buyer and they take on responsibility for repaying it.
To do this, the existing mortgage will need to be "assumable"
or transferable. If it is, the lender will charge
a fee for the buyer assuming the loan.
The
buyer will then need a personal loan or other finance for the
difference between the purchase price and the outstanding mortgage.
The major driving force behind assumptions is the lower
interest rate on the assumed mortgage relative to current
market rates.
If
the home seller has a 5.5 % mortgage, for example, and the best
the buyer can get in the current market is 7%, both parties can
be better off if the buyer assumes the 5.5% loan. An assumption
also avoids the settlement costs on a new mortgage.
As mortgage rates are increasing in the US, assumptions could
become more popular because buyers will be keen to benefit from
the low rates previously available.
Read
enough? Just want a quote? To get
your best mortgage quote quickly and easily we can
put you in contact with a recommended mortgage adviser. It's free,
completely confidential and there's no obligation at all. Simply
fill out the form below
'Fill
out the form Below and we will INSTANTLY send you
a FREE REPORT to potentially save £1000 off
the cost of YOUR annual mortgage payment!'
TIME
LIMITED OFFER
Are you looking for a
new mortgage? Well you can spend time reading this website
and work it all out for yourself. But to behonest the quickest and best thing
you can do is to get a quote from an independent, regulated
mortgage adviser (NOT someone who is connected to a
bank or building society).
We can put you in contact
with a recommended professional right
now. Simply complete the quick enquiry form.
Free
Report
In fact we are so convinced
that this is the best thing for you
that we will give you a special report
"The 7 Most Important
Things you need to know TODAY before you choose your
mortgage".
Your report is short, direct and cuts right to the chase.
So you won't have to waste time and effort reading any
waffle.
IMPORTANT NOTE:
The report will only be made available free of charge
for a strictly limited time. After that, we are
considering selling it as a package for £97.00.
So, if you do not request it now, there is no
guarantee it will be available tomorrow… or even
the end of today… for free.
Finally, please
don't worry. We're human too and hate spam.
So your personal info will only be used to get you your
best mortgage quote.
Your quote will be free. And there is no
obligation to proceed with anything at all.
"Thank
you... the form was very quick. After many long phone
calls to various lenders - where I'd go over the same
details again and again - I was amazed at how easy
you made it. You've saved me £1000's...."Peter B, Leeds
