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Heritage listing home loan
Posted: Wed Mar 31, 2010 9:49 am
I have my eyes on a heritage listed property but I heard that getting a mortgage is more difficult for this type of property, is this true?
Re: Heritage listing home loan
Posted: Wed Mar 31, 2010 11:23 am
Yes it is more difficult to get mortgage approval for a heritage listed property
. Generally this is because lenders believe that in the event that the loan was not paid it would be more difficult for them to sell the property. This is often not true, especially when it comes to houses in high demand capital city locations.
At present you can get a loan for up to 95% of the property value if you are in a strong financial position. However please be aware that most borrowers only qualify for a loan of only 90% of the property value.
Good luck with your purchase!