your money your lifestyle
Jul 26, 2020
3 minutes
personalfinance@citypress.co.za
CAN I GET A MORTGAGE FOR MORE THAN THE PROPERTY IS worth?
JOHN WRITES:
I am interested in taking out a bond for a house in a new development that is a high-security complex. Am I allowed to take out more than what the costs are to build the house to pay for some extras in the build?
CITY PRESS REPLIES:
This is a discussion you would need to have with your bank. A bank is unlikely to provide financing above the value of the property. They usually want there to be some equity in the property to provide
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