Private Mortgage

A private mortgagee (lender) is usually considered a ‘lender of the last resort.’ The money lent to a borrower is usually from private sources – people who have lots of money to invest, and are willing to lend at high interest rates, secured by a mortgage on your property. There are few reasons to borrow from a private lender. For example, a very poor credit rating or a lack of equity. The interest rates on private mortgages are very high – almost double bank rates. This reflects the extra risk involved with these loans.

 

Special conditions apply. Rates subject to change.