Taking a loan had never been easy. There were so many formalities to be followed and this made it all the more difficult to avail a loan of any kind. Without providing any kind of security availing a loan was next to impossible. But now this has changed. The laws have been eased a bit and some loan policies have been deduced in favour of the people with poor credit. This has given birth to two kinds of schemes. One is the no deposit mortgage and the other is 100% mortgage.
In the former scheme you need not pay the down payment when you purchase some house or property on loan. Actually paying a large amount of down payment cannot be affordable to many. Hence they cannot buy a house of their own. But with this scheme of no deposit mortgage the things have changed for them and many people are coming forward to buy a house under this scheme. Hence there is a boom in the real estate business and the flow of money has become fast.
The latter scheme of 100% mortgage you can avail a loan at a small percent of interest for buying a house where in you do need to pay a down payment. But if you cannot afford to pay it in cash another cash loan will be arranged just to pay the down payment. This amount will attract more interest. However with these two policies in place many more people have started looking of property to buy ads rather than the property to rent ads. The boom in real estate has not only helped many more people become proud owners of their home but also has eased the flow of money in the market.
When one business thrives other businesses related to it too will start to thrive. This can be seen in the sudden increase in the construction business. Owning a property has led to build their own houses. This has led to the buying of the construction materials in bulk. Also the home furnishers are doing good business as an off shoot of the real estate boom. Thus 100% mortgage has really been able to trigger the trade in many ways and so has the low deposit mortgage.
It is win-win situation for one and all who are involved in this business. Maybe there are some disadvantages but without some ups and downs people cannot gain experience. Thus the governing bodies should come out with some good policies like the 100% mortgage and no deposit mortgage. Then the ad industry too will benefit with ads like property to buy. Of course property to rent may suffer a setback but that will be short lived. Hence you can say 100% mortgage is a cool way to own a house.
It really helped having a mortgage during the right time. :)
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