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13-06-2017, 10:28 PM
#2281
Originally Posted by icyfire
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
Attachment 8905
A Dreamer? A Liar? A Scammer? Smells damn right Fishy to me!
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14-06-2017, 09:52 AM
#2282
yeah, nah
"Rebuild my home" - perhaps it burnt down and they are waiting on Insurance (or had none!)?
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14-06-2017, 10:00 AM
#2283
Member
Originally Posted by myles
"Rebuild my home" - perhaps it burnt down and they are waiting on Insurance (or had none!)?
Even if that was the case the bank would have still given them a mortgage against the freehold land at 5% instead of 18%
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14-06-2017, 01:17 PM
#2284
yeah, nah
Originally Posted by icyfire
Even if that was the case the bank would have still given them a mortgage against the freehold land at 5% instead of 18%
You can't possibly know that...we don't know what other loans/factors might be involved...
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15-06-2017, 08:50 AM
#2285
Member
Originally Posted by icyfire
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
Attachment 8905
Privacy, psychological security, transaction costs (if they intend to repay quickly).....
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15-06-2017, 11:42 AM
#2286
Junior Member
Originally Posted by icyfire
Why would anyone with a freehold home (i.e no mortgage) not borrow against their house from the bank who offer such low-interest rates? Also, what would be the minimum mortgage amount that banks offer?
Attachment 8905
Umm read the comments Icyfire purpose of loan is to help save for a deposit on a new house. I don't think they own a house now despite what the loan profile says.
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15-06-2017, 11:44 AM
#2287
Junior Member
Oh "rebuild" I didn't read carefully enough sorry
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15-06-2017, 02:29 PM
#2288
When loan info states that a borrower has a mortgage free home, does that mean that the borrower personally owns the home? In other words, that the home is not owned and protected by a family trust.
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15-06-2017, 07:52 PM
#2289
Member
Originally Posted by Robuste
Umm read the comments Icyfire purpose of loan is to help save for a deposit on a new house. I don't think they own a house now despite what the loan profile says.
The loan info clearly stated, "Fully Owned - No Mortgage". That can only mean that the borrower owns a mortgage-free house.
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16-06-2017, 08:39 AM
#2290
Member
Originally Posted by Bjauck
When loan info states that a borrower has a mortgage free home, does that mean that the borrower personally owns the home? In other words, that the home is not owned and protected by a family trust.
Harmoney is not in a position to know, unless there is an independent trustee registered on the title, which isn't necessary although common for trusts established by lawyers. If the borrowers are also the trustees then as trustees they would be committing fraud by not disclosing the existence of the trust and on that basis the trust might be liable for the trustees fraud - but Harmoney seems not to have the processes or resources to deal with such issues. So, don't expect recoveries from the house.
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