Permanent ban on 100% mortgages (merged)

ad44downey

MyLastFiver wrote: »

Professional landlords can, though, and will be at a significant advantage in the market if this proposal is made law.

.

That's why buy to let mortgages need to be outlawed to stop this.

besonders1

If the prices of houses went back to early 2000 levels, then FTB's would have no problem saving a good deposit.

Dan:_4

The 100% Mortgages offered by the Northern Rock 'Together' range were not strictly 100% Mortgages. They were a 95% Mortgage and the rest was a separate unsecured personal loan (the bonus being it was all at the same mortgage rate). They would be listed in your credit report as separate loans and serviced as such.

If anyone wants to borrow 100% just get your 90% mortgage and apply for a personal loan to make up the 10%.

You will need an excellent rating for this i.e. managed lots and lots of credit in the past and never, ever been late.

Walter_J

MyLastFiver wrote: »

I have a 110% mortgage. And I can afford it. Had I needed a large deposit, me and the wife would still be renting.

You are still renting!

:rotfl:

Cleaver

http://news.bbc.co.uk/1/hi/uk/7903985.stm

Two points:

1) There shouldn't need to be a law or ruling on this. It shold be common sense that 100% mortgages should never been given out unless it's exceptional circumstances (and I can't think of many of these).

2) I don't join the 'hate Brown for everything' club, but how pathetic, late and therefore pointless does this seem now? It's like installing fire extinguishers in a building that's just burnt down.

lostinrates

http://forums.moneysavingexpert.com/showthread.html?t=1507953

Hey we are arguing this already How's your head this morning?

Cleaver

I moved my eyes up and down the thread list about 4 times and found it weird I didn't see it.

Head's fine, but eyes obviously aren't!

princesspugh

I have a 100% mortgage but we can afford it based on our earnings, we just didn't have the savings at the time but were keen to get on the ladder.

I hope that if 100% mortgages are banned that they don't ban those of us who have these mortgages from remortgaging

Cleaver

ad44downey wrote: »

That's why buy to let mortgages need to be outlawed to stop this.

<realises that he's asking this question for the 3,456th time and know's that ad44downey won't asnwer it, but asks anyway>

Ahem.

If you banned BTL mortgages how would people who want to rent a house from someone go about it?

Dan:_4

princesspugh wrote: »

I have a 100% mortgage but we can afford it based on our earnings, we just didn't have the savings at the time but were keen to get on the ladder.

I hope that if 100% mortgages are banned that they don't ban those of us who have these mortgages from remortgaging

You cannot remortgage 100% at the moment, hopefully when its remorgage time you will have reduced enough of the balance not to need one. This is assuming your on repayment and not IO.