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Concessionary Mortgage
Rekning
Posts: 1 Newbie
Hi all,
I've found myself in a somewhat unusual situation and I'm hoping someone on here maybe able to help.
I work as an architect, and it's always been a dream to live in a house that I've designed, and now that this finally maybe an option, I've become completely stuck on being able to source a lender who will provide a concessionary mortgage.
The situation is that as the architect, the developer is willing to reduce his profits on one of his houses that I have designed ( a site if 150+ units) so in short, it would be sold at a discount of 10% under the market value. This 10% discount then becomes your deposit in a concessionary mortgage. However the banks I've been to so far won't agree to the mortgage because the original owner was not a family member, even though the number show I can easily afford the repayments even at full value.
Any advice would be great.
I've found myself in a somewhat unusual situation and I'm hoping someone on here maybe able to help.
I work as an architect, and it's always been a dream to live in a house that I've designed, and now that this finally maybe an option, I've become completely stuck on being able to source a lender who will provide a concessionary mortgage.
The situation is that as the architect, the developer is willing to reduce his profits on one of his houses that I have designed ( a site if 150+ units) so in short, it would be sold at a discount of 10% under the market value. This 10% discount then becomes your deposit in a concessionary mortgage. However the banks I've been to so far won't agree to the mortgage because the original owner was not a family member, even though the number show I can easily afford the repayments even at full value.
Any advice would be great.
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