First time buyer advice - near 100% mortgages?

hora

beecher wrote: »

Where do you get that they are interest only mortgages?

Is the Bank of Ireland one this one?

http://www.bim-online.co.uk/NetsiteCMS/pageid/13/index.html

You need a guarantor

I found it through Charcol, it made no mention of guarantors.

Negative Equity? Erm arent you in negative equity anyway due to the vast amount of interest owed?

Question is, whats the best to get me started then I'll switch after a couple of years to a better deal..

dunstonh

You'd likely be in negative equity in 2/3 years time if you only put down a 5% deposit.

More like 2-3 months. Indeed, its quite possible that he would be in negative equity by the time he moves into the property.

Question is, whats the best to get me started then I'll switch after a couple of years to a better deal..

Houses probably have another 10-30% to drop in value before it bottoms out. Any reason why you are in such a hurry to lose money?

beecher

hora wrote: »

I found it through Charcol, it made no mention of guarantors.

Negative Equity? Erm arent you in negative equity anyway due to the vast amount of interest owed?

Question is, whats the best to get me started then I'll switch after a couple of years to a better deal..

Oh dear. I'm beginning to think you're on a wind up.

However, just in case, I'd trust the lender's website before Charcol regarding guarantors.

Negative equity means that your mortgage is more than the value of your property. It has nothing to do with the amount of interest owed. With only a 5% deposit you'd be in serious danger of being in this situation. In a couple of years you wouldn't be able to get any deal, let alone a better one.

I urge you to seek professional advice or to do some basic research on this.