How to buy a secondary home with a mortgage. How to get a mortgage for a secondary home

Despite the large number of multi-apartment residential buildings being commissioned, it is still secondary housing that is especially loved by Russians.

Mortgages for secondary housing, although they do not have the same interest rates as loans for primary housing, are almost 3 times more popular - according to statistics, about 75-80% of Russian citizens prefer to become owners of just such housing.

Advantages and disadvantages of purchasing housing on the secondary market with a mortgage

The popularity of mortgages for secondary housing, including without a down payment, is explained by several advantages:

A much larger selection of housing options compared to the primary real estate market.
Possibility of entry into the purchased apartment immediately after the conclusion of the purchase and sale transaction and execution of the mortgage agreement. At the same time, in comparison with a construction project under construction or just planned for delivery, the buyer does not need to wait some time (which is sometimes indecently delayed) until the residential building is put into operation. Even if the purchased home needs renovation, its new owner is free to decide for himself whether to move in first and start renovations, or vice versa, to first renovate the apartment and only then move.
As a rule, new apartment buildings are built in sparsely populated areas, often on the outskirts of a city with poor infrastructure. In the same time secondary housing is usually located in areas with already established infrastructure, you can always choose an apartment to suit your taste – closer to work, place of study, convenient transport links, etc.
Complete absence of risks associated with unscrupulous developers. More than once, public television has broadcast investigations related to the fact that shareholders, who gave up their last savings, suffered from fraudulent developers and for many years could neither move into the purchased housing nor get their money back.
More affordable property prices on the secondary market compared to the primary market.

Interest rates on mortgage loans associated with the purchase of housing on the secondary market also differ downward (with the exception of preferential lending conditions, the so-called social mortgage). This is due to the fact that immediately after drawing up a loan agreement, the bank receives the purchased apartment as collateral, while when financing the purchase of real estate in an unfinished building, the lending institution takes on more risks.

However, if you are interested in how to get a mortgage for a secondary home, you should not forget about the existing risks, for example, such as:

Availability of third party rights to housing purchased with a mortgage– the homeowner may well remain silent about this. Also, the apartment may be mortgaged or have some other encumbrances that do not always “pop up” at the time of execution of the purchase and sale transaction. Unfortunately, even a thorough legal check of real estate documents cannot give a 100% guarantee that at one fine moment persons who count on the apartment as heirs or owners will not appear.
Often in an apartment you like ceilings and communications may be in very poor condition, which often forces banks to refuse lending. The same applies to houses built a long time ago, lack of major repairs, disadvantaged areas, since the bank evaluates the apartment from the point of view of its liquidity.
Illegal redevelopment– another serious problem from the point of view of re-registration of ownership rights to an apartment, since correcting the situation may take an indefinite period.
Finally, the owner of the property does not always agree that it will be purchased with a mortgage. This is due to the fact that in this case the contract has to indicate the actual cost of the apartment, and this may be disadvantageous when calculating and paying taxes.

Why can a bank refuse a mortgage when buying an apartment on the secondary market?

Although there is no question about whether a mortgage is given for secondary housing, credit institutions often refuse to finance transactions for the purchase of real estate on the secondary market. Why is this happening? Let's look at the most common reasons.

Refusal to purchase an apartment if less than 6 months have passed since the death of its owner.
Refusal to finance purchases and sales when executing transactions between relatives.
Refusal of a mortgage if there are socially vulnerable categories of citizens, for example, disabled people, among the potential owners of the purchased apartment. This is explained by the fact that if there are delays and the loan is not repaid, eviction of such owners from the apartment is very problematic.
Refusals to purchase a room in a communal apartment or dormitory are due to the fact that, if necessary, it will be difficult to sell such real estate due to insufficient demand.
It is also not uncommon to be refused credit for the purchase of an apartment in a building that was built a long time ago, the wear and tear of which is more than 60%.

If you have familiarized yourself with all the pros and cons of a mortgage for a secondary home, and now you just need a procedure – let’s continue!

Step-by-step instructions for preparing and applying for a mortgage for the purchase of secondary housing

Where to start if the decision to buy an apartment on credit has already been made?

1. Collection and preparation of a minimum package of documents.

Although each bank has its own list of necessary documents provided for examination by a potential borrower, there is a certain must-have that all credit organizations require.

If you want to increase your chances of getting a mortgage approved, and on the most favorable terms, Take care to prepare the following documents in advance:

Passport and/or other identification document, not only of the potential borrower himself, but also of co-borrowers and guarantors (if they are planned),
Certificates and other documents confirming the official employment and solvency of the borrower,
If you have a spouse, a marriage certificate,
If there is real estate that will act as collateral (with the exception of an apartment purchased on credit), documents for the pledged property,
If available, a certificate for receiving MSK, etc.

2. Selecting a creditor bank.

Naturally, all borrowers are interested in the cheapest mortgage for secondary housing. To find the best option, you need to study the loan programs of several credit institutions at once.

It is no secret that the most popular banks in terms of mortgage lending are: Sberbank, VTB-24, Gazprombank and some others. A big advantage will be that you have a minimum package of documents on hand - then the loan officer will be able to immediately calculate the loan amount and the loan rate that you can count on. We also advise you to pay attention to such points as the presence or absence of additional requirements for the borrower purchasing the property, any fees, etc.

Often, realtors or mortgage brokers who have more complete information about banks offering the most favorable conditions for mortgage lending can help you choose a credit institution for a mortgage.

3. Completing a loan application.

After the bank has been selected and preliminary consent has been received, it is necessary to collect a complete package of documents in accordance with the requirements of this particular financial institution.

The loan officer, having received the entire package of necessary documents for examination, evaluates the borrower’s credit history, his solvency and loan collateral. Based on the results of the examination, a positive or negative conclusion is issued on the issuance of a mortgage loan.

4. Selection of a suitable apartment on the secondary market.

Remember that from the moment the credit committee makes a positive decision on the application, the potential borrower has only 3-4 months to choose a suitable apartment that meets the bank’s requirements and purchase it with borrowed funds. Otherwise, the entire package of documents will have to be prepared again.

At this stage, the help of a competent realtor is very effective., specializing in mortgage transactions with real estate - he usually knows by heart all the requirements of banks and selects only those options that suit the lending institution.

5. Assessment of real estate value by experts.

Despite the fact that preliminary approval from the bank has been received, and the apartment has been selected, the most interesting thing lies ahead, namely, determining not the market value, but the estimated value of the property. This assessment is carried out by an expert organization, and the final loan amount that the bank will give will depend on the results of the examination.

Advice! Since the cost of the examination is paid by the borrower, and if the transaction does not take place, the amount is not returned, you can pay attention to banks that provide such a service as a free assessment of the property.

6. Applying for a mortgage loan and concluding a purchase and sale transaction.

These two transactions take place on the same day, and on the same day the borrower must also enter into an insurance contract for the real estate purchased as a mortgage loan.

If we consider the registration procedure step by step, we get the following picture:

Payment of commission to the creditor bank,
Drawing up an insurance contract,
Drawing up a collateral agreement and simultaneously signing a loan agreement,
Concluding a purchase and sale agreement,
Transfer by the buyer to the seller of the down payment (in other words, the borrower’s own funds),
After 5-7 days, as soon as the Certificate of registration of the transaction is received from Rosreestr, the creditor bank transfers the remaining amount (loan funds) to the seller, and the borrower becomes the owner of the apartment, which is also the subject of collateral.

Now you know how a secondary mortgage loan is issued.

Let's now find out what conditions and interest rates banks offer for mortgages for secondary housing.

Video: Mortgage on the secondary housing market in the “Personal Territory” program

The best mortgage offers in 2019

1. Sberbank of Russia.

The country's leading bank offers loan products at only 12.5-13% per annum. In this case, the loan term will be up to 25 years, and the minimum borrower contribution must be at least 15%. The loan amount starts from 170,000 rubles.

2. Tinkoff Bank.

Tinkoff offers to finance the purchase of secondary housing at only 12.75% per annum, provided that the borrower's down payment is at least 15%. The loan amount cannot exceed 99 million rubles.

3. Rosselkhozbank.

It offers mortgage lending for the purchase of apartments on the secondary market at 13.5% per year with a down payment of 15%. The maximum loan amount is 20 million rubles, and the financing period does not exceed 30 years.

The dream of owning an apartment and improving living conditions is becoming a reality for many residents of megacities. Answering the question of how to get a mortgage for a secondary home, let's look at the step-by-step instructions and features of this loan.

How to buy an apartment on the secondary market with a mortgage: step-by-step instructions

Step 1. When deciding how to get a mortgage for a secondary home and where to start, be sure to use the online mortgage calculator on the popular websites of leading banks. This will give you estimated results about the interest rate, loan amount and monthly payments. A preliminary telephone consultation with bank specialists will add information about the associated costs of insuring the property and the life of the borrower.

Step 2. You need to get bank approval for a mortgage loan. It is necessary to prepare documents for the borrower and co-borrower in advance:

certificate from the place of employment about income for the last reporting year (in form 2-NDFL);
a copy of the work book certified by the employer;
copy of passport (bank employees can make copies of the original themselves) + SNILS;
The form is filled out on site at the bank.

When planning to submit applications to several commercial banks at the same time, and find out if they provide a mortgage for secondary housing, make sure you have a sufficient number of copies.

The likelihood of loan approval will depend on the completeness and completeness of your loan application.

Once your loan application is approved, you will have 3-4 months to find the apartment you want.

Step 3. Select a secondary property. You can do this yourself by searching for advertisements on the websites of real estate agencies or such as Avito. Immediately evaluate the completeness of the package of documents for secondary housing for a mortgage. Until 2016, Certificates of Ownership were required to be issued. Please note that there are no encumbrances in the form of collateral or mortgage by force of law. There must also be a document (a contract for the purchase and sale of a property, privatization or inheritance) that is specified in the Certificate. You will need a cadastral passport for the property you are purchasing.

As a rule, banks do not issue mortgages for apartments in buildings over 60 years old, or with wooden floor beams belonging to the old building. Depending on the year the house was built, you will know for sure whether you can take out a mortgage on the secondary property you like.

The following documents are provided:

copies of the passport of all pages for the owner(s), as well as authorized representatives;
certificate of absence of debt for housing and communal services (electricity, water, gas, major repairs);
if the share of property belongs to children, then a certificate from the guardianship and social protection authorities is additionally requested;
for pensioners, certificates from a psychotherapist confirming legal capacity will be required;
certificate from the Federal Migration Service about registered persons;
a notarized power of attorney for the right to represent the interests of a party in a transaction.

Additionally:

those liable for military service must notify the military registration and enlistment office in advance about the change of registration address (there is no need to provide a certificate, but this may delay the registration process);
Inquire with the Ministry of Internal Affairs (if you have the authority) about persons discharged to places of deprivation of liberty, and who may return and request registration.

It is necessary to discuss with the owner the purchase of an apartment with the possibility of partial payment using mortgage lending. For some sellers, this is an onerous condition, and not everyone agrees to wait for the long process of obtaining a mortgage for a secondary home. Therefore, many of them do not agree to concessions and discounts. It is reasonable to first discuss the final sale price and only then mention the mortgage. Don't forget to take an advance payment with you to secure the verbally agreed upon commitments. Issue a receipt for the transfer of the advance payment and draw up a preliminary purchase and sale agreement recording information about the property, amount, date of transaction and mutual obligations of the parties.

Discuss in advance the transfer of keys to the apartment and their duplicates. Sellers can go to another city and send a representative to the transaction by proxy. Pay attention to old furniture that you will not need, ask to clear the room of unnecessary things.

Step 4. Order an assessment of the property to submit a report to the bank. Typically it takes 3 days. You just need to arrange a meeting between the appraiser and the apartment’s residents to take photographs and assess the condition of the apartment, as well as the surrounding area.

Step 5. Signing a loan agreement, mortgage and purchase and sale agreement with an act of transfer of property by the interested parties to the transaction. The final payment is made on pre-agreed terms. In this case, part of the funds available for the down payment is transferred simultaneously upon signing the contract. But this can be done both before and after signing the documents. To make payments, it is better to rent a safe deposit box. In this case, the buyer receives additional protection, because The seller will be able to collect the funds only by presenting a registered agreement.

Step 6. An agreement is concluded to insure the property and life of the borrowers. A certain amount of insurance, depending on the balance of the loan debt, will have to be paid annually until the obligations are repaid. In the payment schedule, this amount can be highlighted as a separate line to avoid delays.

Step 7. At the final stage, all participants with a full set of title and identification documents will proceed to Rosreestr or MFC for official registration of the transaction. If everything went well, then after five days each party receives their own copies of the contract, and from that moment the buyer receives ownership of the apartment.

How to take out a mortgage for a secondary home

Qualified employees of credit institutions will help you make the right choice and select the optimal parameters for a loan transaction that will not be burdensome throughout the entire loan servicing period.

The main parameter that significantly influences the final amount of the mortgage loan is the applicant’s income. But don’t be upset if you have problems with confirmation and the amount of income, because you can attract co-borrowers, in which case the total income will be taken into account.

If you are a participant in the Bank’s salary project or have the opportunity to attract co-borrowers (for example, parents or spouse), this will be a significant advantage and will increase your chances of receiving a larger loan amount on favorable terms.

Families with children have an additional advantage in the form of a maternity capital certificate, which is issued at the birth of the second and subsequent child. The funds can be used for a down payment or used for early repayment of the loan.

Having only 10-15% of the total cost of the apartment in hand for a down payment, you can actually buy a separate, your own apartment. It should be remembered that the higher the share of equity, the lower the interest rate and the larger the mortgage loan amount.

Many potential borrowers doubt whether the help of realtors is needed or whether notary costs are justified when applying for a mortgage. It can be argued that the bank's security service has greater powers to identify the owners and property than real estate agencies. Purchasing a secondary home with a mortgage is an additional protection of property interests, primarily for the buyer, because The bank that issued the loan is interested in the transparency of the transaction, and if there is any doubt, you will be offered to find another apartment, protecting you from fraudsters. Suspension of a transaction by Rosreestr is disadvantageous neither to the parties to the transaction nor to the bank.

It is very important that before the purchase and sale transaction all previous owners sign out or it is stated in the contract that “after a certain number of days we undertake to sign out.” It is especially important if these are pensioners and families with minor children.

In conclusion, here are the stages of obtaining a mortgage for secondary housing:

calculate your financial capabilities;
collect a complete package of documents for the borrower;
find a bank that will approve your loan application;
choose the mortgage program that is most beneficial for you;
find an apartment that will meet your needs;
discuss the essential aspects of the upcoming transaction (date of conclusion of the contract, mechanism for transferring money, obligations of the parties to provide documents, check out of the apartment, force majeure);
make an advance payment and draw up a preliminary agreement;
submit documents for the apartment and owners to the bank;
order an assessment and pay for insurance;
meeting at the bank to sign documents and make payments;
transfer of documents for registration to Rosreestr (by appointment or live queue);
receiving documents after successful registration;
final settlement with the seller.

When answering the question whether it is possible to take out a secondary mortgage, many arguments for/against are given, but everyone has to decide for themselves. Despite significant amounts of overpayments according to the payment schedule for the entire period of validity of the loan agreement, a mortgage remains the only possible option for purchasing your own and comfortable home. In addition, banks do not limit borrowers from early repayment of the loan, and if the financial condition improves, it is possible not to stretch out payments in accordance with the schedule, but to repay the loan ahead of schedule in full or in part. As a result, you receive an apartment without encumbrances with the opportunity to freely dispose of your own property.

A mortgage for secondary housing is a current solution to the problem for many Russians. The features of obtaining a mortgage for secondary housing are of interest to everyone who is thinking about purchasing their own apartment or house. The “Mortgage for Secondary Housing” program is the most popular of all mortgage programs offered.

Mortgage lending significantly expands the possibilities of purchasing your own home. If banks are extremely reluctant to provide loans for housing under construction, which is associated with high risks, then a mortgage for secondary housing is considered more affordable.

But the decisive factor in issuing a mortgage for secondary housing is its liquidity, as well as a host of other nuances. However, do not delude yourself: the abundance of mortgage offers and collateral does not at all entail automatic loyalty to potential borrowers when applying for a mortgage for a secondary home. Banks are still picky in selecting the clients they lend to.

Where to begin?

The most common mistake that almost every borrower makes is choosing an apartment before considering mortgage lending options from different banks.

Few people can realistically assess their income and correctly determine the amount that the bank will issue as a loan.

The result of this approach is sad: time is wasted on choosing an apartment, but it is not possible to collect the necessary amount to purchase it. Let's take a step-by-step look at how to effectively achieve your goal.

Algorithm for choosing a bank with a favorable mortgage for secondary housing

The main thing is to broaden your search for a bank that meets the conditions as much as possible, and not limit yourself to just one.

The most favorable mortgage lending conditions are provided by large Russian banks. Their mortgage loan scheme has been worked out to the smallest detail; hundreds of thousands of Russians have already taken advantage of it.

But promising young banks are also trying not to miss the opportunity to attract potential borrowers. They are able to interest you with more lenient requirements and faster processing times for your application.

Most of them propose to sell maternity capital as a down payment in accordance with the Federal Law “On additional measures of state support for families with children” dated December 29, 2006.

In order to increase your chances and take out a mortgage for a secondary home on optimal terms, you need to:

Familiarize yourself with and analyze all mortgage offers from banks in your city. The Internet makes this task much easier. You will not need to visit banks in person at the initial stage. Simply go to their official websites and study the information provided.
Cut off offers for which you are not qualified as a borrower (do not meet the age category, income level, place of registration; have minor children or family members with disabilities, etc.). Before you cross out a particular bank, check the details. The information on the site is not always updated in a timely manner.
Take a closer look at the remaining offers. As a rule, in the terms of loan programs the interest rate is indicated vaguely, with the prefix “from”. You can find out exactly what it will be for you and what amount the bank will be willing to give you only through a personal consultation.

If you are unable to devote the appropriate amount of time to the above procedures, consider contacting a credit consulting agency.

Advantages of intermediary services in selecting mortgages for secondary housing

The services of mortgage brokers or credit consulting agencies as intermediaries between banks and borrowers are gradually gaining popularity.

When choosing a mortgage broker or agency, consider the number of certifications received and in force. The more certificates there are in different banks, the more offers will be considered for you. It is advisable to pay attention to certification in those banks that interest you.

Realtors of large real estate agencies often become mortgage specialists. They will not only be able to select a suitable loan program for you and coordinate its receipt with the bank, but will also help in selecting an apartment, prepare and finalize the transaction.
Independent selection of an apartment for a mortgage

In addition to the standard requirements for the subject of the mortgage (that is, secondary housing), which are described in Art. 5 of the Federal Law “On Mortgage (Pledge of Real Estate)”, as amended on May 7, 2013, number 102-F3, the bank also puts forward requirements for the technical condition of the apartment pledged as an encumbrance.

Don't know your rights?

The building in which the apartment is located must not be subject to demolition, reconstruction or major repairs.

There are other nuances:

Firstly, secondary housing must be independent and have all the necessary communications (electricity, water supply, heating, etc.). The bank is extremely reluctant to consider communal or hotel-type apartments.

Secondly, the percentage of wear, according to experts, should be quite low. A mortgage for a secondary home can be issued for either twenty or thirty years. The bank must be confident that it can easily implement it in the event of the borrower's insolvency.

Third, for the same reason, illegal redevelopment and reconstruction are unacceptable.

Fourth, banks are reluctant to consider “Khrushchev” buildings and all buildings of the 60s or 70s as collateral; they are biased towards semi-basement, ground and first floors.

However, banks are interested not only in the technical condition of the apartment, but also in its seller, not wanting, for example, to see a close or distant relative of the borrower as the seller of the apartment.

If the secondary housing was transferred by inheritance or gift agreement less than six months ago, then the bank is also unlikely to accept it as collateral.

Expert assessment for mortgages for secondary housing

After selecting an apartment, there will be a procedure for an independent assessment of the cost of secondary housing. It does not always coincide with what the seller expects. But the bank will rely on this figure when issuing a mortgage.

If there is a large discrepancy, be prepared that your down payment will be slightly higher. Or look for another option.

Issuing mortgages for secondary housing

Before applying for a mortgage for a secondary home, you must pay the established commission to the bank and insure the purchased apartment in any company from the list provided by the bank.

The purchase and sale agreement and the mortgage are concluded at the same time. Before registering the transaction with Rosreestr, the seller of the apartment is content with the amount that was the borrower's down payment.

The final payment, that is, borrowed funds from the bank, will be transferred to the seller after the registration of the encumbrance certificate (5 working days after submitting the contract for state registration).

Before concluding a transaction, be sure to make sure that the history of the apartment is clean (no encumbrances, registered minors, prisoners, military personnel, etc.) (

Take out a mortgage for a secondary home Welcome! Some of my relatives (on my father’s side) live in another region, but some of them are gradually moving to our city.

My uncle and his family are planning to buy a home near our local university, since our youngest son has enrolled there to study law.

There are no new houses in the area of the university, only old buildings, so they choose housing on the secondary market.

And since the prices even there are not affordable for everyone, we settled on a mortgage. I’ll tell you about it now.

Mortgage for secondary housing

Despite the variety of mortgage programs that banks offer today, mortgages for secondary housing occupy a leading position in terms of the volume of transactions concluded. The popularity of this loan product is primarily due to the fact that secondary housing is the most in demand on the real estate market.

Attention!

It is also beneficial for credit institutions to provide mortgages specifically for secondary housing, since, unlike mortgages for housing under construction, it is much easier to sell such real estate if the borrower fails to fulfill the terms of the loan agreement.

The presence of extensive experience in providing such loans, as well as lower risks than for other products, has led to the fact that the mortgage interest rate under such programs is lower.

Among the features of a mortgage for secondary housing, it should also be noted that the borrower does not have to pledge his existing property to the bank, but can pledge real estate that will be purchased using a mortgage loan.

Requirements for borrowers

Before submitting an application for a mortgage loan to a bank, a potential borrower should familiarize itself with the minimum set of requirements that must be met in order for the bank to accept it for consideration.

Such requirements may vary depending on the bank from which you plan to take out a mortgage for a secondary home, but the requirements of most of them include:

Russian citizenship;
The age of the mortgage borrower is from 23 to 60 years (if a co-borrower is involved in the mortgage, his age can be from 23 to 70 years);
The borrower's place of residence and work must be in the region where the lending bank operates;
Minimum work experience of 1 year;
No criminal record or bad credit history.

Today, banks make decisions on the possibility of providing mortgages for secondary housing within a few days. In most cases, the period of validity of such a decision is from 3 to 6 months.

What kind of real estate can a borrower purchase?

As a rule, banks offer borrowers to consider apartments on the secondary market as a real estate option; there are also programs that allow you to purchase a country house or cottage.

The borrower can expect that the property he chooses will be approved by the bank if it meets the collateral requirements established by the lending institution. You can obtain information about such requirements either by directly contacting the bank or on its website on the Internet.

Among such requirements will be the year of construction, number of floors, absence of encumbrances and rights of claims of third parties on the property, as well as its location at a certain distance from the bank.

Basic conditions of a mortgage for secondary housing

The main parameters of this type of mortgage loan include:

Loan period from 1 year to 25 years;
The borrower's minimum contribution ranges from 15 to 25 percent;
The interest rate is up to 15 percent per annum;
Loan amount from 500,000 rubles;
In most cases, there is no fee for paying off your mortgage early.

Today, purchasing a secondary home with a mortgage allows the borrower to purchase real estate in the shortest possible time if he has a sufficient level of income and if the property he has chosen meets the bank’s requirements. The borrower can only decide which bank to take out a mortgage from.

source: http://site/www.ipoteka-legko.ru/

Apartments on the secondary market with mortgage

Today, buying a secondary property with a mortgage is in great demand among all the opportunities to buy an apartment. Banks responded very quickly to this fact and developed a special lending program that gives borrowers the opportunity to buy an apartment with a mortgage on the secondary market on the most favorable terms.

To do this, the potential borrower must have a sufficiently high income and savings in the minimum amount of the down payment.

We have selected for you the best mortgage offers from our catalog:

How to buy an apartment with a secondary mortgage

There are several reasons why buying a resale apartment with a mortgage becomes profitable and convenient:

The relative ease of obtaining a mortgage for the purchase of secondary housing
The interest rate on a mortgage loan for the purchase of secondary housing will be only 12% -14%
A huge selection of programs and banks offering to buy an apartment on the secondary market by taking out a mortgage
A mortgage on the secondary market makes it possible to buy an apartment using various government benefits.

These and many other reasons contributed to the demand for mortgage programs designed for the purchase of housing on the secondary market.

Pros and cons of secondary mortgages

Purchasing your own apartment with a mortgage on the secondary housing market is still popular. There are many advantages to buying a home on the secondary market. One of them is the purchase of ready-made housing, which you can move into immediately.

You don’t have to wait for the house to be completed and worry that the developer won’t have any problems. However, the secondary market also poses some dangers that a potential borrower would do well to be aware of.

Advantages. Housing on the secondary market is the most convenient option in terms of immediate occupancy. Prices for resales are distinguished by their flexibility, since you can always bargain with the owners and significantly reduce the price.

Warning!

The choice of apartments on the secondary housing market is much wider. In addition, credit institutions issue mortgages for an apartment from the secondary market at a lower interest rate than for a new building. Therefore, many people strive to buy real estate on the secondary market.

Flaws. The main disadvantage is the frequent occurrence of fraud schemes when selling an apartment on the secondary market. Another problem may be that residents (beneficiaries, temporarily absent, minors, pensioners, etc.) are not legally discharged from the real estate being sold.

In addition, some resale sellers act on the “master is master” principle, and can specifically increase the price or change its terms at the stage of completing the transaction. It often happens that the condition of the home leaves much to be desired and requires additional costs for repairs.

How to get a mortgage for a secondary property Taking out a mortgage for a secondary property is practically no different from taking out a mortgage for the purchase of housing in a new building.

First, you need to collect documents about the borrower confirming his creditworthiness.

Then you should apply for a loan to purchase an apartment on the secondary housing market and obtain bank approval.

Collecting and submitting documents for obtaining a mortgage for the purchase of a secondary apartment and the bank’s approval of the application gives the borrower a clear understanding of how much he can count on, and what kind of housing can be purchased with the funds provided by the bank.

After the bank approves the mortgage, the borrower has 3 months to select a property that meets his wishes and the requirements of the credit institution. Next, the process of applying for a mortgage loan follows the standard procedure.

source: http://site/moezhile.ru/

Mortgage for secondary housing

One of the most affordable options for resolving a pressing housing issue is a mortgage for a secondary home. This is due to the fact that in many cases the interest rate for using a mortgage on a secondary home is significantly lower than for a new building.

General conditions of mortgages for secondary housing

Unlike a mortgage loan for the purchase of an apartment in a new building, which is usually issued only by a bank that has accredited a newly built house, a mortgage for a secondary home can be obtained from any bank, which will allow you to choose the most suitable loan terms.

The terms of a mortgage loan for a secondary home in most cases allow you to count on receiving a loan amount of funds approximately equal to 90% of the cost of the apartment you like.

The main indicators when calculating the amount of a mortgage loan are the income of all family members, as well as the presence of dependents in the family (for example, minor children or disabled adults).

The down payment on the loan can range from 10 to 30% of the cost of the purchased home, and the larger the down payment, the less interest you will subsequently have to pay on the mortgage loan.

The mortgage term for secondary housing is on average 20-30 years, but many banks are also ready to consider the issue of both early repayment of the loan and its extension. When applying for a mortgage loan for a secondary home, you will need to provide a package of documents established by the bank.

Advantages and disadvantages of a mortgage loan for secondary housing

Advantages of a mortgage loan for secondary housing:

Getting a mortgage for a secondary home is quite easy. Almost all types of mortgages currently used are quite suitable for secondary housing.
You can move into an apartment purchased with a mortgage on the secondary market immediately from the moment of registration of the purchase and sale. You can register in this residential premises at your place of residence or place of stay
The risk of investing ineffectively or even losing money when buying a secondary home with a mortgage is minimal; moreover, from the many offers, it is quite possible to choose an option with the optimal price-quality ratio.
You can purchase an apartment in the area of the city you need, for example, closer to work, school, etc.

Disadvantages of mortgages for secondary housing:

The main disadvantage of a mortgage loan for secondary housing is that the house in which you are going to buy an apartment should not be old, dilapidated, or in need of renovation. Its condition must comply with established sanitary standards.

Be prepared for the fact that the option you like will be carefully checked by bank employees, since:

if the borrower is unable to fulfill his obligations under the mortgage loan taken, his home will have to be sold by the bank itself, and he does not need any unnecessary problems;
The machinations of unscrupulous borrowers who purchase unsuitable housing in order to deceive the bank cannot be ruled out.
Do not even expect to purchase a secondary home with a mortgage in a house that is intended for demolition, is in disrepair, dilapidated, or requires major repairs (including communications).
When issuing a mortgage loan for secondary housing, banks will necessarily require full insurance of the purchased apartment, which is often very, very expensive for the borrower;
Prices for secondary housing (especially for apartments in houses with improved layouts built in recent years) are often higher than for similar offers in new buildings;
On the other hand, there are categories of housing (for example, the well-known “Khrushchev” buildings), which, due to the initial design miscalculations, are in little demand and, accordingly, their value practically does not increase even during the period of the so-called “apartment boom”.

If you decide to purchase an apartment in the city center, then be prepared for the fact that the house “suddenly” may be recognized as unsafe or intended for demolition with subsequent resettlement of residents with all the ensuing consequences for the borrower, etc.

Advice!

Thus, the selection and evaluation of housing purchased with a mortgage on the secondary market must be approached with special care. If you think that you cannot choose the best option yourself or the apartment you have chosen raises any doubts, then use the help of lawyers, appraisers, and realtors.

Before you finally decide on the choice of the bank from which you will take out a mortgage loan for a secondary home, be sure to contact several lending institutions and talk with their employees about the terms of mortgage lending.

As mentioned above, the issues of selecting housing on the secondary market, as well as the process of applying for a mortgage loan itself, must be taken very, very seriously. If you have any questions or have any difficulties when applying for and using a mortgage for a secondary home, you can ask them free of charge to a specialist in this field - a loan lawyer.

source: http://site/advocat-rostov.ru/

Is it possible to get a mortgage for a secondary home? There is an opinion among borrowers that it is much easier to take out a mortgage for a secondary home than for an apartment in a new building.

This is due to the fact that such an apartment is already suitable for living in, the house has been rented out, and all the documents for it are ready.

It would seem, come and live. More precisely, first get a loan, and only then move in and live. But in practice, is everything so easy?

Today we will talk about whether it is possible to get a mortgage for a secondary home, as well as about the features of this method of lending.

Why are banks wary of apartments from the secondary market?

The main problem when applying for a mortgage on secondary market housing is the property’s non-compliance with the bank’s requirements. Moreover, the requirements may concern both the legal cleanliness of the apartment and its technical condition.

Most often, banks refuse to obtain a mortgage for an apartment from the secondary market for the following reasons:

An object is a room or share of a property.
The house is too old or dilapidated, requires major repairs or is being demolished in the next few years.
The apartment is located in a five-story building.
The apartment is located on the extreme floors - first or last.
The house does not have all the necessary communications.
Too frequent changes of owners over several years.
The apartment belongs to a relative of the borrower.
Banks often don’t like hotel-type apartments, so the property must have a separate kitchen, hallway, and bathroom.
Unauthorized alterations were made to the apartment.
Among the apartment owners there are minors, disabled people, and people staying in “not so remote” places.

Why does the bank pay close attention to such nuances? Here it is logical to think about the following. A housing loan is issued for a long term – that is, for 15-20 years on average. Naturally, the lender pays attention to the liquidity of the property being purchased.

Houses to be demolished may be demolished after 10 years, or may not be demolished at all. They are in almost disrepair, and if the borrower fails to pay the mortgage, it will be almost impossible to sell such housing at its full cost. And it may well fall in price over the period for which the loan is given.

So, what rules must be followed to be guaranteed to get a mortgage for a secondary home?

The apartment must be liquid.
The apartment must be legally clean and free of encumbrances.
The apartment should not be in a five-story, dilapidated, dilapidated building.
It should not be located on the extreme floors.
It must have been owned by the last owner for more than three years.
Redevelopment of the apartment is undesirable, especially not legalized ones.
If the apartment is sold after the death of the owner, at least six months must pass from its date.
Rooms in communal apartments and shares are not considered.
The apartment must have all centralized communications - electricity, gas, water, heating and sewerage.

The remaining requirements for such mortgage programs are standard:

Good or clean credit history of the borrower.
Sufficient income and permanent job.
It is desirable that the client is married.
The down payment must be at least 15%, preferably more.
It is better to contact the bank where the borrower is on payroll. More likely to be approved.

When purchasing housing on credit on the secondary market, it makes sense to seek help from realtors, as they will significantly simplify the procedure for finding the necessary apartment that meets the bank’s requirements.

Warning!

In addition, the help of real estate agencies in this case will reduce the time for collecting the necessary documents for the apartment being purchased. If the borrower decides to act independently, it is logical to first apply for a mortgage and get approval from the bank, and then start looking for housing. A period of up to 60 days is provided for this.

You should definitely get a list of the bank’s requirements for the property from the manager before starting your search. Then the process of applying for a mortgage for a secondary home will not turn into a headache for the borrower.

source: http://site/kreditorpro.ru/

Advantages and disadvantages of buying a secondary home with a mortgage

More than half of home purchases with a mortgage account for secondary housing space. Let's consider the main features of purchasing housing on the secondary market using mortgage lending.

Why choose a mortgage for a secondary home?

The advantages of buying a secondary mortgage are as follows:

You can move into the apartment immediately after purchasing it. There will be no need to wait until the construction of the house is completed, all utility systems are connected and repairs are made. Of course, many apartments on the secondary market are also far from ideal condition, but you can choose: do repairs right away or wait a bit;
variety of options to choose from. Oddly enough, there are even more apartments offered on the secondary market than on the primary housing market;
location. Almost all secondary housing is located in areas with developed infrastructure. You can easily find out which schools and kindergartens are nearby, which stores you can go to and how it will be more convenient to get to your place of work. In this regard, secondary housing is superior to primary housing, because many new buildings are being built immediately in microdistricts where the infrastructure is yet to be developed;
lending terms. Mortgages for secondary housing are available from almost all banks, and the interest rates on them are significantly lower than on new apartments. Now this figure ranges from 8 to 15 percent. In addition, there are many options for this type of lending, which differ in the size of the down payment (which can be from ten percent to half the cost of housing), duration, rates and additional conditions. A reasonable question arises: why does the bank reduce interest rates on secondary housing? The answer is simple: the apartment immediately becomes the collateral of a financial organization, so the need to take inflated interest due to the possible unreliability of the developer disappears by itself;
reliability of the developer. When buying housing on the secondary market, it is not necessary to examine the permitting documentation and history of the developer or worry about the correctness of paperwork for the land.

Disadvantages of buying secondary housing with a mortgage Of course, if there were no problems with secondary housing, almost no one would buy new apartments. When buying a secondary product, you may encounter the following difficulties:

purity of the transaction. When buying housing on the secondary market, there is a very real danger of other persons having encumbrances or rights to the apartment. It is often impossible to determine the “purity” of a transaction even after a thorough legal check of all documentation and the identity of the owner. It is possible that some time after the conclusion of the transaction, various heirs, absent relatives, employees of financial organizations will not show up to you with any rights to the apartment you purchased;
the purchased property must not be old requiring repairs and not meeting sanitary requirements. If the bank suspects that the property being purchased is unsuitable, it may take a long time before various checks are completed. This is done so that the financial institution does not have problems with the resale of residential space in the event that you are unable to fulfill your obligations under the issued loan. Important: the communications of the house must also be in good condition, so getting a mortgage for an apartment in a dilapidated or old building will be problematic;
improved layout. The price of a resale property with an improved layout can significantly exceed the cost of housing in a new house. Important: if the planning was carried out illegally, this may also complicate the procedure for completing the transaction;
features of housing. When buying an apartment in the city center, you may be faced with the fact that the house will suddenly be declared destined for demolition, and the residents will be resettled. Naturally, you will still have all financial obligations, but you will be deprived of housing;
insurance. To get rid of possible troubles, such as those described in the previous paragraph, the bank requires insurance of all real estate purchased on the secondary market. This procedure is not cheap, so you will have to consider additional costs;
taxes. If you find an advertisement for the sale of an apartment you are interested in, be prepared for the fact that its owner will not agree to a mortgage. This is due to the fact that when preparing documents it is required to indicate the entire cost of the apartment, which means that it will be more difficult for the seller to avoid various ways to reduce income taxes.

As you can see, a mortgage for a secondary home is also full of its pitfalls.

Attention!

If you have any concerns about the security of the transaction, seek the assistance of a qualified lawyer or real estate agent.

Be sure to carefully consider several options for banks where you can get a mortgage for a secondary home and seek advice from their employees.

Mortgage for secondary housing: interest rates of Russian banks

Here are some proven financial organizations where you can get a mortgage for secondary market housing:

Sberbank (rate from 12.5 percent, term - up to thirty years, contribution - from 15%. A mortgage for secondary housing in Sberbank can be issued without proof of employment and income level);
VTB 24 (rate from 13.5 percent, term - up to 30 years, contribution - from 20%. Special conditions for mortgages for secondary housing in VTB24 are provided to holders of the bank’s salary cards);
Bank of Moscow (rate from 13 percent, term - up to 50 years, contribution - from 20%. There is no commission for early repayment of the loan);
AHML (rate from 12.25 percent, term - up to 30 years, contribution - from 10%).

As a rule, banks impose quite strict requirements both directly on borrowers and on the purchased housing.

Requirements for housing and borrower

It will be problematic to obtain approval for the purchase of a room in a dorm, communal apartment or “hotel”. The purchased housing must have a separate entrance, bathroom, kitchen and all communications: water, heating, electricity, and, if possible, gas. The bank checks whether the house is classified as a residential area subject to demolition, reconstruction or major repairs.

If the wear and tear of the house exceeds 50%, the mortgage may be denied, because it is completely impossible to predict what will happen to the house over the 20 years of the loan.

The risk zone, which means that it is also undesirable, includes houses with wooden floors (they can rot, burn or simply break), panel and block houses from the middle of the last century, as well as apartments on the basement, first and ground floors. Mortgages for such apartments are given reluctantly and after careful checks.

The apartment must fully comply with the documentation from the BTI. This means that even if you are given a mortgage for a home with illegal redevelopment, you will need to urgently bring the apartment into proper condition.

You will have to coordinate with the lender all subsequent redevelopments, because this can reduce the value of the home when it is resold by the bank.

Do not think that mortgages are only given for secondary housing in perfect condition. Often, banks make concessions to borrowers by approving a home loan with flaws, albeit with a noticeable increase in interest rates to compensate for the risks.

Advice!

Naturally, exceptions will not be made for illegal transactions and legally significant aspects, such as encumbrances. The housing purchased with a mortgage should not belong to your relative or other person dependent on you.

Frequent real estate transactions in a short period of time may also alert the bank. They may also refuse a loan if you have disabled dependents, because if the terms of the loan are not met, it will be quite problematic to evict them.

Requirements for borrowers vary for each bank. The borrower’s age at the time of repayment of the mortgage should not exceed 65 years, and the work experience should be at least six months at the last place of work.
Separate requirements are specified by the bank itself, so if possible, consult with specialists and clarify all the information you need.

How to get a mortgage for a secondary home?

After choosing a financial organization, you can begin collecting the necessary set of documents. The required minimum includes:

copies of all pages of the passport;
a copy of an additional identification document;
income certificate in form 2 personal income tax (a copy and the original are provided);
two certified copies of the work book;
application (sample and form are issued at the bank).

Military personnel and men of military age are also required to have a military ID (a copy of the contract or certificate of service).

In addition to your documents, you are also required to provide information about the apartment and its owners:

copies of all pages of the seller’s passport;
documents for ownership of the apartment;
certificate of persons registered in this residential area;
registration certificate;
appraiser certificate and housing assessment certificate;
certificate from the Federal Reserve System confirming the absence of encumbrances.

If you take out a loan under various programs, you will need to provide additional documents, such as a marriage certificate and birth certificates for the Young Family program.

Results

Taking out a mortgage on a secondary home is not that difficult if you clearly define the procedure for yourself. Try to get as much information as possible from the owner of the apartment, from bank employees and other authorities involved in the transaction.

If something worries you, seek help from qualified specialists. Of course, this will require additional costs, but you can avoid many pitfalls and troubles.

Obtaining ownership of your residential property through mortgage lending is a common option for the population. Mortgages for secondary housing in Moscow are often considered. A fairly convenient way to purchase real estate, taking into account some features.

Design rules

Before you begin the process of interaction with banking organizations, you need to understand your capabilities and criteria for selecting premises. To begin with, it is better to contact a specialist who can provide information on loan issues of interest. If funds allow, contact a real estate company to search for a residential complex. Let's look at the stages of registration in the queuing process, you need to:

decide on loan offers and submit an application;
receive confirmation from the bank;
use the services of an assessment specialist, receive a document, submit it to a banking institution for approval;
collect a package of documentation and provide it as intended;
sign contractual obligations for obtaining a loan, for purchase and sale;
register the transaction between the buyer and seller.

From this moment on, the former owner of the house has no relation to your property. Until the loan is repaid, the bank is the owner of the real estate. But the advantage of a mortgage for secondary housing in Moscow is the ability to move in after signing all the documents.

List of documentation

To conclude an agreement, a standard list of supporting documents is required. Depending on the conditions, it may change:

borrower's passport, IIN;
certificate of financial solvency of adult family members;
marriage and birth certificates of children, if there is cohabitation;
document from the place of work about income, source of receipt;

If there are additional cash receipts, confirmation is also provided. This will be an advantage when considering your application.

Searching for data on the Internet

You can get the entire amount of information in one place on the largest online resource website. Using the information in the mortgage loans section, the client receives data on the minimum rate and interest charges by month. The “submit an application” option is available; the system will redirect to the website of the selected institution, where you can fill out an application.