If you last bought a home a decade or more ago, today's property market might give you a headache. A lot has changed since then, so brace yourself for some major differences.
This means buyers must be prepared to cover the first five per cent of the costs with hard cash. Note that this is the same whether you buy a resale EC or a new EC; even with the Progressive Payment Scheme, the initial booking fee is still five per cent. There are some instances where buyers have high outstanding debts, and find they can meet the MSR but not the TDSR.4. You can clear your debt issues immediately before your home loan, to get in-principle approval
Besides this, note that some issues in your credit report, such as frequent late repayments or prior defaults, are not instantly erased the moment you repay debts. It can take a few years for these to go away. You need to double-check the timelines involved, lest you be saddled with a giant debt repayment before the cash is available.The interest rate on most bridging loans is between five to six per cent, or about 0.5 to 1.5 per cent per month. This is before adding various administrative fees, which differ between banks.7.
Source: News Formal (newsformal.com)
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