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National Lifestyle Villages and mortgages???

National Lifestyle Villages and mortgages???

Old Nov 8th 2009, 1:37 pm
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Default National Lifestyle Villages and mortgages???

Just went to view a national lifestyle village for people over 45 today and was so impressed! Liked the whole idea and setup and it is so much more affordable! Only drawback, however a BIG drawback, is that according to the salesman banks wont approve a mortgage on this type of places due to various reasons of which one is that you own the house, but not the land, thus the land is on a leasehold (very common in the UK, however not here!). We are busy selling our house overseas, but with the exchange rate and the property market crash over there, the money will not be enough to buy one of these houses cash. We will only need a smallish mortgage but apparently even that will be a problem. We are 45 and 50 and both fulltime employed with no other debts.

Any advice? Anybody with any knowledge of this places? Any ways to work around this problem? Any lenders you know off who would approve a mortgage like this etc?

Your advice/opinion will be appreciated!
vlooi is offline  
Old Nov 10th 2009, 12:52 am
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Default Re: National Lifestyle Villages and mortgages???

I think all of Canberra is sold leasehold.

Check with a Mortgage broker, some of them advertise that they do leasehold finance.

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