Can I mortgage a suite to buy a second suite?
Strictly speaking, the state has not stopped the mortgage of a suite to buy a second suite. If property buyers intend to buy a second suite, they can do so. However, many cities now implement the policy of recognizing houses and loans. Although the second suite is allowed to be purchased, the purchaser of the first suite is required to own 100% of the property rights and the mortgage has been settled.
There are also many cities that stipulate that if the mortgage of the house is not settled on the buyer's personal credit report, then if the buyer wants to mortgage the first house and then buy the second house, he needs to pay at least 60% down payment. In addition, the first suite needs to be assessed by the bank to confirm the residual value before it can be mortgaged.
How much can I borrow by mortgaging a suite to buy a second suite?
According to the regulations of the bank, the borrower takes the house as the mortgage, and the amount of the mortgage loan is generally 70%-80% of the appraised value of the house. As for the specific appraisal value of the house, the appraisal company specially cooperated by the bank will go to the site for appraisal, or the borrower can provide the house value appraisal form issued by the appraisal company recognized by the bank.
Assuming that the value of the borrower's first suite is 6,543,800 yuan, then the buyer will apply for mortgage loan with this suite as collateral, and the maximum loan amount can reach 800,000 yuan under the condition of full repayment of the loan.
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