For the purpose of financial settlement of property liabilities it is possible to use a loan, which is considered as a special purpose loan. It solves the housing situation of the new debtor, because he needs to pay the share of the co-owner of the property in order to become the owner of the property in question. The most typical cases are to deal with divorcing spouses or to pay a sibling on the basis of an inheritance .
Types of possible financing
Special-purpose loan Read article 1 / Mortgage – a loan that is always pledged by real estate
2 / Building savings loan – the need for real estate collateral depends on the amount of the loan requested and the choice of building society
3 / Consumer credit – a relatively expensive alternative suitable in exceptional cases or for specific combinations
4 / Combination of all the above forms
Choosing the right type of loan for property settlement
The suitability, option and type of loan should be discussed in detail with a financial expert . One of the many criteria is, among other things, the amount of credit required, the age of the applicant, his / her ideas and of course the financial situation. It is always a good idea to consider the appropriateness of using a Mirror Mortgage , which can save you a significant amount of money and provide a more restful sleep for the duration of the payback.
These, of course, depend on the type of credit product selected. The amount will be different for mortgages , and logically different for building savings or consumer credit . Last but not least, the choice of the financing bank will also be important. Therefore, a financial expert should help with such a solution.
A different view of the repayment period
Most persons considering a loan to repay their commitments want to pay their obligation as soon as possible . And so that the amount of repayments correspond to their maximum financial possibilities. Even at the cost of keeping their home budget tight during the credit commitment. It adjusts the number of years until repayment.
There is a much more interesting and calmer way. This is the “Mirror Mortgage” option .
List of banks providing mortgages
Financial institutions offering mortgages, building savings or consumer loans on the Czech market today are inexhaustible. Their offer even wider and more confusing. And that’s why, the easiest choice is to make a comprehensive financial advisor . Moreover, it is able to detect the client’s situation differently and respond flexibly to it at the first non-binding consultation. They also prepare combinations that save the client a lot of money and nerves . Or save him from unpleasant surprises.
Practical example: Inheritance settlement
A client who has been successfully using the Mirror Mortgage effect for a long time recommended his experienced brother-in-law to his brother-in-law. The young man’s priority was to find the optimal form of financing the amount of USD 500,000. That sum was to be paid to his brother by decision of the succession in order to become the sole owner of the flat which was the subject of the succession. Despite his weaker financial capacity, USD 500 per month remained in the Mirror Mortgage. Thanks to this special combination he saved almost 30 000.- USD.
Benefits of meeting a comprehensive loan specialist
- Non-binding and free consultation
- Find all energy saving options
- Settle administration in one place
- Discuss possible combinations you will save on
- Calculate multiple banking houses for easier orientation without losing your precious time
- Select the bank that best suits your requirements
- You do not have to circulate the banks and find out the differences and make a difficult analysis