Private Mortgage Private mortgage loans.Private Mortgage Application below.
When you need money fast and you don't want to bother about showing the bank your profit and loss and tax figures for the last two to three years, you might want to consider a private mortgage. A private mortgage is one arranged usually through solicitors funds. The advantages of a private mortgage are - Private mortgages are asset based mortgages, so their is no income verification.
- Private mortgages are fast, and they can be settled on as little as 7 days.
- Private mortgages also have no break costs, and can be repaid anytime with 30 days notice.
The Disadvantages of a private mortgage - Private mortgages have about 3% premium on standard bank mortgages.
- Private mortgages require equity or deposit or down payments of around 30%
When to use a Private Mortgage Private mortgages are used to secure development property quickly, and turn that property over quickly for a profit. In this scenario the higher interest rate is not as important as the speed and the fact that there are no break costs could mean a net saving where property is turned over quickly. home | 
