Alternative mortgages with cooperatives
05/09/2011 - 17:32 - Category: mortgages and loans - (pText)
In addition to hundreds of banks, building societies and insurance companies with their credit-based funding model, some cooperatives to an alternative construction financing.
In the cooperatives play the creditworthiness of minor importance, so that self-employed and interested parties with lower incomes or with "Schufa damages" covered by the examination of their funding request often through the cracks of the banks, a predictable path offered to the family home.
The focus of the cooperatives is much more on the property, on their economic value and usefulness. Thus the interests of all comrades and the economic success of the cooperative are guaranteed.
Among the offerings of the cooperatives are a special form of the lease, the so-called option to purchase. Here, the cooperative acquires the desired property of their comrades. The mate takes one for 25 years and pays a fixed, unchanging rent. That gives him a high planning security and over the years a substantial financial advantage (no rent increases). With a simplified liquidity test will ensure that the comrade, the ongoing monthly costs also can actually afford in the long term.
The call option is of course registered with the Land Registry so that the mate completely protected by law. Only he can therefore have during the 25-year option period on his property.
The purchase price is not in the cooperatives financed by a loan, but saves the comrade with its own separate investment, the purchase price. This opened him a high degree of flexibility in repayment. For example, the repayment in times of low revenue temporarily reduced or even suspended, without having to make lengthy consultations with the Bank or the long term without risking serious
