hi everyone we are selling one of our property and have someone who wants to buy he thought he had the finiance with the bank but its a unit and will only fund 80% he has a 5% dep. we are thinking about a second morgatge and have looked in arcives for something on this but found nothing. how do we set it up. thanks burbonbill[cap]
You just need to talk your solicitor. You will need a loan agreement and should take about a second mortgage.
Work out the terms you want to give. eg. how long will the buyer pay you back, what interest rate. Will the loan be interest only, PI or no payment until the date he pays you out etc.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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