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One of the requirements for issuing mortgages is the registration of the borrower and lent-up housing in the region where the bank is present. How to buy an apartment in a mortgage in another city, because not all banks issue such loans? You need to think through all the details of the process and choose the right bank.

Usually an apartment in a mortgage is purchased in the region of residence and work. The stages of clearance from the examination to the conclusion of the contract are quick, without complications. But if there is a need to issue a mortgage for the purchase of an apartment in another city, it is necessary to take into account several nuances. Get the best now from the mortgage broker Geelong .

Banks are reluctant to issue loans for the purchase of housing in another region for several reasons:   

  • uncertainty about the solvency of the borrower in the future when changing the place of residence and work;
  • Increase in costs for real estate valuation, coupled with the departure to another locality;
  • Complexity with the control of the borrower and his payments in the event of arrears in payments.
  • Loan in another area: problems and their solution
  • Registration outside the real estate location is considered by bankers as an additional risk factor and problems with debt repayment in the future. The loan rate can be increased by several points.
  • How many times can I take a mortgage: requirements and restrictions
  • How many times can I take a mortgage: requirements and restrictions
  • Approval of a loan for a property in another city is possible if the apartment:
  • is intended for children during their studies in another large city;
  • planned for lease in the resort region of the country;
  • the borrower is transferred to work in another locality, and his solvency remains at the same level or increases.

The main problems of the loan for housing in another location

The main difficulty in buying an apartment in another city is lengthening the terms of credit registration, checking the legal purity of real estate, the solvency of the borrower, docking the bank’s branches on these issues. Making a transaction in another region requires additional extra time and money from the borrower to check out the property and conclude a sales contract.

Banks that purchase housing outside the region of registration

An important element in this process is the joint work of different branches of the banking structure, speeding up the transmission of documents, their consideration.

Long-distance loan

The bank issues a loan to purchase an apartment in another city more often than other banks, since it has an extensive network of branches, the existing communication system, a well-developed mechanism for remote customer service. Mortgage in another city the bank is issued for real estate in the region of the presence of its branch or branch. This is necessary for carrying out a check on the borrower, legal cleanliness of housing,

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