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is a mortgage similar to a hire purchase agreement?

euser1984 · 2018-04-02 09:10:33

or what does it resemble? thanks

02-04-2018 10:10am

#1

euser1984

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or what does it resemble? thanks

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#2 02-04-2018 10:17am

ytpe2r5bxkn0c1

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It's more like a secured loan.

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#3 02-04-2018 1:56pm

coylemj

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In a HP agreement, the lender retains ownership of the goods until the final payment is made. With a mortgage, the borrower technically becomes the owner once the sale is complete though the lender retains security over the property, both by virtue of physically holding on to the title deeds and by having the loan registered against the property. So even if the borrower got hold of the title deeds and attempted to sell the house and do a runner, any prospective buyer would be aware (via their solicitor doing a title check) that there was a loan outstanding and wouldn't touch it.

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#4 02-04-2018 2:02pm

dudara

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Moved to Banking & Insurance & Pensions

dudara

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