Habito unveils ‘express’ mortgage cash advances

By Oliver Smith on Tuesday 15 October 2019

Alternative Lending

Buy property like a cash buyer.

Habito unveils ‘express’ mortgage cash advances
Image source: Daniel Hegarty, CEO and Founder of Habito.

Broker and now-lender Habito is expanding its range with Habito Go—a cash advance that can be secured in just 2-weeks to buy a property before a mortgage is fully-approved.

Habito Go works like an express short-term mortgage to let customers pick up property faster than a traditional mortgage buyer, hopefully accessing the discounts that cash buyers usually achieve.

In return, Habito charges 1.95% of the value of the property and 0.5% of the loan value per month until the buyer’s mortgage comes through.

“All our research tells us that home-buying is riddled with uncertainty and a lack of control that most people just don’t feel equipped for. And first-time buyers probably have it the hardest,” said Daniel Hegarty, CEO and Founder of Habito.

“With Habito Go, we hope to alleviate this by arming buyers with the power of a cash offer for their dream home while giving sellers the reassurance of a guaranteed sale that is achievable in a fraction of the time normally required to complete a purchase.” 

Habito will conduct its own fast-tracked valuation survey and legal work in order to lend buyers up to 85% of the value of the property from its own balance sheet.

The mortgage application process will continue via Habito, and the funds may or may not be secured in time for exchange, but if not the buyer can still complete with Habito’s cash.

As buyers will essentially be making ‘cash’ offers, Habito expects them to “save thousands” if they’re able to negotiate a cash discount.

Habito also says the buyer may be able to complete on a property in as little as 10 days.

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