Renovating the house always involves significant expenses. Supporting them is possible thanks to solutions such as first home renovation mortgages. But which one has the most competitive conditions? Here are the answers you were looking for.
First home renovation mortgages: who offers them
When discussing first home renovation mortgages, several floors can be involved. One of these is the Social Institute ex Government Agency mortgage loan. Requestable by members of the Unified Management of credit and social benefits, it allows to obtain a maximum of $ 150,000. The sum can never exceed 40% of the value of the property according to the appraisal.
This mortgage can be requested for both ordinary and extraordinary maintenance works. The rate can be fixed or variable. In the first case it is equal to 2.95%. In the second, however, it must be calculated on the basis of the 6-month Euribor plus 200 points and calculated over 360 days.
Mortgage restructuring with Social Institute: how to request it
How can I apply for first home Social Institute ex Government Agency home loans ? Proceeding only electronically. It is also essential to attach all the required documentation, including the substitute declaration of notarial deed. Otherwise, in fact, the application is excluded. The useful days for sending are from 1st to 10th January, from 1st to 10th May and from 1st to 10th September each year.
Banks also offer mortgages of this type. One of the lenders to consider is Single loan.
Mortgage restructuring with Single loan: how it works
How do Single loan first home renovation mortgages work? First of all, remember that the customer can request up to $ 100,000. Secondly, the amount is paid on the basis of the progress of the work.
The aforementioned mortgage can last from 3 to 10 years. For loans up to $ 30,000, it is possible to proceed with a debit on a current account or on a prepaid Genius Card. For those who carry out work subject to tax deduction, a subsidized TAN of 6.5% is envisaged. The rate applied is fixed for the entire duration of the amortization.
How it works, who can request it and how much can be obtained
Another product that deserves a mention in the field of first home renovation mortgages is the postal office proposal. The Best Bank Restructuring loan can have a duration of between 10 and 30 years. The customer who submits a cost estimate can request a sum equal to 100% of the same. A necessary condition is that it does not exceed 40% of the value of the property according to the appraisal.
The aforementioned mortgage can be at a fixed, variable or mixed rate. In the third case, the plan can be reviewed every 2 or 5 years. To see how it works we assume the request for a twenty-year mortgage of $ 100,000. In this case, considering the fixed rate, there would be a monthly payment of $ 533.75. The APR of the product is 2.71% and the TAN of 2.57.