100% 1st time buyer mortgage

Dan_1976

AMILLIONDOLLARS wrote: »

Click n go Mortgages offered someone I know who only wanted to Borrow £30,000! This mortgage product!!!

4. Description of this mortgage
Mortgage lender Cheshire Mortgage Corporation Ltd
Mortgage product Shared Ownership Property Type A,B & C / 1 Year 2%
Discount 75% LTV
Interest rate type and interest A variable rate, currently 12.75%, with a discount of
2.00% for 1 Year, giving a current rate payable of
10.75%
______________________________________________
Cheshire Mortgage Corporation Ltd's Variable rate,
currently 12.75% thereafter
Restrictions on this mortgage No restrictions apply
Notes The discount will be withdrawn if you do not maintain
monthly payments within the first 12 months. Where
arrears accrue during this period the variable rate shown
in Section 6 will be applied to the loan.
5. Overall cost of this mortgage
The overall cost takes into account the payments in Sections 6 and 8 below.
With a repayment mortgage you gradually pay off the amount you have borrowed, as well
as the interest, over the life of the mortgage.
The total amount you must pay back, including the amount
borrowed is£130,946.79
This means you pay back £3.96 for every £1
borrowed
The overall cost for comparison is 14.2% APR
The figures in this section will vary following interest rate changes and if you do not keep
the mortgage for 30 years. Only use the figures in this section to compare the cost with
another repayment mortgage.
6. What you will need to pay each month Monthly payments
12 payments at a Variable rate, currently 10.75% £308.33
followed by 348 payments at a Variable rate, currently 12.75% £358.33
This illustration is based on a loan amount of £33,030.00 and includes the fees that are
shown in section 8 as being added to your mortgage.

This illustration assumes that the mortgage will start on 01/06/2009

Suffice to say, they won't be taking this offer up!!!!

AMD

They dont want them to have that mortgage unless you pay loads of interest!

AMILLIONDOLLARS

HERBIES JP

The person was trying to part buy/part rent under the government scheme and they were also a first time buyer with a fairly good credit record, but no deposit!!!

I advised them to start saving!

AMD

herbiesjp

AMILLIONDOLLARS wrote: »

HERBIES JP

The person was trying to part buy/part rent under the government scheme and they were also a first time buyer with a fairly good credit record, but no deposit!!!

I advised them to start saving!

AMD

Well if they have a fairly good record I dont see why they couldn't get a high street deal

And by the way - the shared owenership scheme that your friend applied for is not the same as the the OpenMarket Home Buy schemes

The shared ownership schemes are predominantly Housing Association backed

Cheshire do not do mortgages for the government backed schemes

AMILLIONDOLLARS

herbiesjp wrote: »

Well if they have a fairly good record I dont see why they couldn't get a high street deal

And by the way - the shared owenership scheme that your friend applied for is not the same as the the OpenMarket Home Buy schemes

The shared ownership schemes are predominantly Housing Association backed

Cheshire do not do mortgages for the government backed schemes

If the Government are using Cheshire to finance their schemes at this rate then the housing market is well and truly doomed:rotfl:

And yes this person was trying to buy via a Housing Association, it was just a the lack of a deposit which is a sticking point, they were trying to borrow 100% of their share!!!!

AMD

herbiesjp

AMILLIONDOLLARS wrote: »

If the Government are using Cheshire to finance their schemes at this rate then the housing market is well and truly doomed:rotfl:

And yes this person was trying to buy via a Housing Association, it was just a the lack of a deposit which is a sticking point, they were trying to borrow 100% of their share!!!!

AMD

Maybe you missed the bit where i said:

Cheshire do not do mortgages for the government backed schemes