Take Out a Home Loan and Get Rid of Your Rented House
Written by: Vipul Jain
Housing is one of the basic human needs. Everyone needs a house
to get protection from the nature and the outside world. You can
either live in a rented house or your own house. There are far
too many problems in a rented house. There always arise
conflicts between landlords and tenants. Your landlord may ask
you to pack your bags and leave the house. You will have to
search for a new rented house in such a situation. The monthly
rentals that you pay go down the drain because you do not own
the house even after living in it for a very long time.
You can get rid of all these problems if you buy your own house.
It has been estimated that 70% of Britons own their own house.
According to a survey, more than half of young Britons wish to
own a house when they are 25 to 30 years old. Buying a house
requires a huge cash outflow. You cannot pay a lump sum amount
to buy a house unless you work for a number of years and save
for it. A better option is to take out a home loan.
There are many lenders who grant 100% the house price so that
you do not have to pay anything from your pocket. You will be
required to repay the loan in the form of affordable monthly
installments. The loan repayment is spread over a long period so
that the amount of monthly installments becomes small. A home loan is secured against the
house that you are buying. If you fail to repay the loan, the
lender will have the option to repossess the house. The amount
of money that you will have repaid will be forfeited by the
A second home can also be bought using a home loan. You
can take out a second home loan against the second home or your
primary residence. Buying a house on a home loan is a good
investment opportunity. The appreciation in the value of your
house is much more than the interest that you pay on a home
The author is a business writer
specializing in finance and credit products and has written
authoritative articles on the finance industry. He has done his
masters in Business Administration and is currently assisting
adverse-credit-home-loans as a finance specialist.
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