PRIVATE PIGGYBACK DOWN PAYMENT MORTGAGE

 

PRIVATE PIGGYBACK DOWN PAYMENT LOAN

A private piggypack down payment loan is by definition a creative financing solution granted through a private lender helping a future home owner realising his dream to finance a property purchase without having to put down a full deposit.

The private piggypack down payment loan’s role is simple, while a basic mortgage secures around 80% of the purchase price of a property or a home, the piggypack mortgage covers the balance.

A private piggypack down payment mortgage is aiming to give access to a full mortgage for an individual who wants to achieve a 100% mortgage facility combining a classical mortgage loan and a down-payment mortgage financing.

A private piggypack down payment loan presents also some inconvenient the first is related to high costs (interest rate and fees) linked to such a secondary financing facility, but also in case of payment default of the borrower, it’s not clear what recourse the piggypack lender has.


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