A service grant is a financial assistance that is applied towards your housing costs, such as private rents and grants, as part of a family’s rent or mortgage payment. A service grant is not a form of insurance cover. Service grants will only be paid if the client is in receipt of the services.
What is a rent guarantee?
A rent guarantee covers the full payment towards the rent for the length of the lease.
What is a security deposit?
A security deposit is a deposit paid when you rent a property to cover damages such as damaged property caused by a tenant’s criminal convictions. A security deposit is usually paid to cover damage to the property up to the first month after the tenancy starts. If the bond is not repaid within this period, the property is then rented subject to the terms agreed in the contract. A security deposit is not a form of insurance cover.
What is an advance?
A advance is a loan you make to someone who you intend to live in the property if you don’t finish paying rent in the first month and there’s no mortgage on the property yet. All advance needs to be approved by your local council and the council must give you details of the loan and what the repayment schedule is after three months. All advance payments and interest charges should be taken into account when assessing the overall value of any property you buy.
What is a mortgage guarantor?
A mortgage guarantor is someone who is granted a mortgage so that the amount of your mortgage must be repaid if the property should be lost or damaged in future. All mortgage funds are repaid only if the property is lost or damaged. A mortgage guarantor should be available as soon as needed. They aren’t usually able to act in emergencies.
Who is liable when a mortgage is cancelled?
If you pay off all the interest on a mortgage when it’s sold it is still yours and cannot be cancelled. If a mortgage is cancelled while it’s still yours the mortgage holder has to pay any fees for any repairs to the property as well. If the property is destroyed that too is covered by the contract. For a list of lenders and other resources see a link below
What is an advance loan?
An advance loan is when you borrow some or all of your rent from someone else to help cover costs before the rent deposit is paid (or if you do not cover all the rent). You borrow on the assumption that there will be a certain period of time after the
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