100% Mortages

Conrad

100% mortgages will be back once lenders think property prices have stabilised. One lender told me this week they expect to be offering 95% mortgages by next summer and they are a VERY cautious old fashioned Building Society.

Happiness is in large part underpinned by ones sense of control over destiny. To this end it is essential you dont buy a home unless you have at least 6 months income put by as a long term emmergency fund never to be touched apart from emmergencies, and always to be topped up again if partly depleted.

Dont be one of the many that end up miserable as they live from day to day worrying how they will cope financially.
I get clients on similar incomes with very different life outcomes. They key difference is attitude to money. The happy ones generally tend to be savers, and never waste money on pointless tat / OK magazines / priority airline ckeckin queues / £2k tvs / expensive junk food etc

singingsister

LittleMissAspie wrote: »

If you can't afford to pay the rent and save extra on top, then you are unlikely to be able to afford mortgage repayments.

We can afford to pay the rent and save a little on top but the little we can save just isn't enough considering the large amount you need for a deposit.

We're stuck in our rented place until Aug 09 - I know that's not too far away in the grand scheme of things, but when your not happy and don't feel safe in a house, it's a long time away. Even the thought of a 95% deposit makes me feel a bit happier!

I don't think we're going to get stuck in the rut of ending up miserable worrying how to cope financially. I mean we can afford rent on the house we're living in- so in theory we should be able to afford a mortgage . We actually want to make sure any house we buy, is one we can afford to pay the mortgage on. We don't want to buy a property where the monthly repayments are humungously more than we pay in rent right now - £50 to £100 more is managable but no more if we can help it. We just need help with the deposit!

Suppose I shall have to keep dreaming of my own place...maybe one day it will come true.:o

Conrad

The reason I say have an emmergency fund is to cover those times when income stops / car needs replacing and so on. Otherwise you end up worrying as you live from one pay check to the next.

singingsister

Conrad wrote: »

The reason I say have an emmergency fund is to cover those times when income stops / car needs replacing and so on. Otherwise you end up worrying as you live from one pay check to the next.

I completely agree with you. For us, 6 months income (each?) is a heck loads of money. To put away 6 months income would take me quite a long while!!!

brit1234

Sorry but this may sound harsh. Get off your back side and save a deposit. 100% mortgages are for the irresponsible and hopefully gone for ever.

Some of us have been saving for years and watched prices go through the roof with banks stupidly lending 100%+. That time and your time is over, its our time now that of the savers. The only way to get a house is stop moaning and save a deposit now.:mad:

adr0ck

you can get a family assisted 100% mortgage now from tipton

i'm not sure what family assisted means

http://www.thetipton.co.uk/home/mortgages/parental-assisted-fixed

its 6.79% fixed for 3 years

stevetodd

adr0ck wrote: »

you can get a family assisted 100% mortgage now from tipton

i'm not sure what family assisted means

http://www.thetipton.co.uk/home/mortgages/parental-assisted-fixed

its 6.79% fixed for 3 years

Quite an innovative product which may help a lot of people needing to remortgage coming out of fixed term deals onto a poor variable rate who would not be raising any additional capital but having suffered equity loss may need to borrow 100%

Premier_2

adr0ck wrote: »

you can get a family assisted 100% mortgage now from tipton

i'm not sure what family assisted means

http://www.thetipton.co.uk/home/mortgages/parental-assisted-fixed

its 6.79% fixed for 3 years

As I understand it, it appears to require a charge on another property - that belonging to a family member - where the loan exceeds 75% LTV.

If the repayments are not kept up - they could repossess 2 properties :eek:

hethmar

Have you looked at this Places for People/co-operative bank scheme?

http://www.ownhome.co.uk/servlet/Satellite/1213946567273,CFSweb/Page/CFSCtplBlank

Can some of the finance savvy members check it out please?

stevetodd

hethmar wrote: »

Have you looked at this Places for People/co-operative bank scheme?

http://www.ownhome.co.uk/servlet/Satellite/1213946567273,CFSweb/Page/CFSCtplBlank

Can some of the finance savvy members check it out please?

Well I was having trouble spotting the catch, and realized there might not be one so looked at who qualifies, that's the catch, it's for homeworkers, social housing tenants, FTB's.

Must admit I haven't read the small print and only glanced over it, but it looks like a decent deal if you fit the criteria