Get a Helping Hand With Your Property Goals – Look Into a Family Equity Loan
When it comes to financing a property purchase, there is no one way to go about it, but knowing all the options available to you will allow you to make the decision which best works for you.
One option which is growing in popularity is the family equity loan, which allows a member of your family to offer a helping hand in your decision to invest in a property.
Also known as a limited guarantor loan, these types of loans allow a family member to help you purchase a home.
The family member offers up their property as security for a part of your home loan. They can decide how much of the loan they want to secure – but it's usually around 20 per cent.
This can be a beneficial option for someone looking to get out of the rental game and onto the property ladder with a helping hand from a loved one.
One of the best aspects of these types of home loans is that your family member doesn't have to actually hand over any cash.
To get more detailed information about your situation, talk to a Loan Market mortgage broker today.Tags: home loans