Definition: The term "0-Mortgage Scheme" refers to a type of residential property loan where the borrower does not need to pay any upfront costs or monthly payments, such as closing costs or earnest money deposits. This means that the lender assumes all of the associated risks and is responsible for the repayment of the loan over time. A 0-Mortgage Scheme typically involves a fixed rate mortgage with a one-time initial payment (i.e., not including any down payment or other fees). The borrower pays this initial payment upfront, and then the interest rates on the remaining portion of the loan are tied to the prime lending rate. This means that if the prime lending rate increases in the future, the interest rates on the 0-Mortgage Scheme will also increase. The term "0" can be used as a placeholder for a specific number or level of debt, and it is often used as an abbreviation to represent zero. It is not a legal term or requirement in most jurisdictions. It's worth noting that there may be some variations in the terms and regulations associated with 0-Mortgage Schemes across different countries and regions. It's always recommended to consult with a financial professional before making any decisions related to a 0-Mortgage Scheme.
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