Standard or Collateral Charge Mortgage – Which One is Right for You? 🏡📝
Let's break it down:
Standard Charge Mortgage 🏠:
Your traditional mortgage.
The amount registered against your property's title is fixed.
It has set terms and isn't advanceable.
To borrow more, you must apply and qualify for a new mortgage, incurring costs.
Collateral Charge Mortgage 🏠:
May consist of multiple parts with a re-advanceable component.
Offers various financing options, like personal loans or lines of credit.
Registered in a way that makes it easier to borrow more in the future without rewriting the mortgage.
Saves you from breaking your existing mortgage and incurring new registration costs when your property value increases.
The right choice depends on your unique situation. Let's chat, so I can provide the best advice tailored to your needs. 💬🤝
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