Navigating the property market can feel like a full-time job in itself. The price tag on a property is just the tip of the iceberg when it comes to expenses associated with purchasing real estate.
As Synergy Business Finance's Director Brendan Philp emphasises, "Our goal is to ensure our clients have a clear understanding of the entire financial landscape when purchasing a property. Beyond the purchase price, we take into account various costs that can often catch buyers off guard."
Beyond the purchase price, there are additional expenses to consider:
Venturing into the property market demands serious consideration. A substantial deposit is often required to secure a loan, which can be a challenge when you're juggling rent and other expenses. This is where the option of using a guarantor can prove valuable.
"A guarantor can be an excellent solution for those who don't have a 20% deposit and wish to avoid the extra cost of LMI, " Brendan Philp continues. "If you have a close family member who's willing to use their property as security, it can provide the boost you need to step onto the property ladder."
A guarantor can be a lifeline if:
The added benefit is that, as your property equity grows, your guarantor's commitment can be released. If you're seeking insight into the intricate mechanics of this approach or guidance on discussing it with a potential guarantor, our team is here to help.
Contact our Synergy Business Finance’s team to gain a comprehensive understanding of the process and to explore strategies for addressing this topic with a potential guarantor.
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