Mortgage Loan: Opinions and Reviews
Are you over 60 years of age and do you find yourself needing to apply for an annuity loan to stay a little quieter each month? Want to know how you can get a lifetime mortgage loan?
Our guide today will help you understand what you need to do to get the loan you need to get better every month. Below you will find all the steps to follow.
- How to get a lifetime mortgage loan
- Options to choose from
- What do you need?
- Time to get the loan
- The interests
How to get a lifetime mortgage loan
It provides the customer with a lifetime mortgage loan, but a concept needs to be clarified before starting. The British bank does not grant the mortgage life loan directly in our country and you need to ask about it! who now deals with mortgages on the account of this other institution.
First of all, let’s explain what it is when it comes to mortgages: it is a type of financing designed for over 60s who need to supplement their income to maintain or change their lifestyle . It also allows, if necessary, to help the children.
This type of loan is reserved only for those over 60 years of age and who is the owner of a home where he/she resides. This type of loan gives the possibility to have liquidity immediately and to maintain ownership of the building in which one lives without giving the bare ownership to the bank.
You can decide whether to receive the loan money in a single solution or if you receive the sum in several periodic payments. You can pay the repayment of the loan without installments, choose the periodic payment of interest, or choose the possibility of paying off the debt at any time you want without any penalty.
The lifetime mortgage loan can only be requested via an appointment at a branch. This is a medium and long-term type of mortgage loan reserved only and exclusively for individuals who are over 60 years of age and who own real estate.
Options to choose from
You can get in two different options to choose from:
- annual payment of expenses and interest, the debt must be repaid in a single solution at maturity;
- annual capitalization of interest and expenses which gives the possibility to repay the sum with repayment in a single solution and at maturity.
The mortgaged property for the mortgage loan must be for residential use and must be subject to a first-degree mortgage. In the event that there is cohabitation with non-owners but all heirs of those who have applied for the loan, the loan must be disbursed with a joint account.
This mortgage life loan therefore allows you to mortgage the property while retaining ownership and at the death of the holder there are two different choices for the heirs:
- Choose to pay off the contracted debt by retaining ownership of the property;
- Sell the house as a guarantee and repay the debt;
The maximum quota is directly influenced by the age of the applicant. There are no installments and the final payment will be assessed based on the interests chosen at the time the contract was signed.
If you want to know all the features of a lifetime mortgage loan! It is advisable to request an appointment at a branch through a representative who will explain all the features of the lifetime mortgage loan.
Is indicated among those who allow the life-long mortgage loan, but no reference to this loan is found on the official website. This is because the British institution no longer works directly on the Italian credit market and has sold the management!
What do you need?
To have the Mortgage Lifetime Loan through Che Banca! you must provide:
- A valid identity document;
- Family status;
- Fiscal Code;
- Documents attesting ownership of the property and residence;
- Preliminary Notary Report or Certificate of Origin.
The bank will take care of what remains, but to make sure you bring all the necessary documentation for the loan request, we recommend contacting the branch and talking to a representative.
Time to get the loan
After requesting the appointment for a loan application in a branch, the person in charge will directly explain to the applicant how long he will have to wait to get the lifetime mortgage loan. We remind you that waiting times, as well as interests, may vary depending on the case, age and amount that can be requested.
Generally, the lifetime mortgage loan is obtained in a short time, but to know the waiting times you can safely request a quote that will help you understand how much you will have to wait and how much you will have to spend to have the mortgage loan!
To know the spread, the annual nominal interest rate, the preliminary investigation, the annual commissions and other expenses, you need to go to a branch and talk to a representative. The bank operators will give you all the necessary information.
If you need to know the interest rate for your mortgage loan you can easily request a quote in a branch. The quote for applying for a lifetime mortgage loan is in no way binding and is also free.
The budget helps you to know the interest rates associated with the lifetime mortgage loan such as the TAN and the APR. Remember that TAN is the interest rate, while the APR is the synthetic total cost of the loan. In the APR you will find the commission costs to pay for applying for the lifetime mortgage loan.
Before starting with a loan application, we recommend that you carefully check both the TAN and the APR. Paying attention to rates even helps save money on interest payments.
Don’t forget that by applying for a lifetime mortgage loan you may, in some cases, leave a debt to your heirs, even if you can often pay off with the sale of the house.