who will give 100% mortgages?

meanmachine_2

homer_j wrote:

With regards to us brokers flogging OUR overpriced products. I think you should retract that statement pretty quickly.

.

Forgive me, I meant flogging mortgages in general, whether it's in the best interests of the OP or not at that particular moment in their lives.

I'm merely suggesting that there are two choices- save for a deposit or take out a very uncompetitive - in other words overpriced 100% mortgage.

Jeez - I can't believe I'm having to argue that 100% mortgages are a bad thing.

wow, we really are in "creative" times in the lending business.

meanmachine_2

homer_j wrote:

But hey, we are easy targets because we spend our life correcting incompetent fools like you..

Nasty.

Am I incompetent because I hold to silly old values such as "saving for a deposit"?

system15000

which if any are the best companies to use for an 100% mortgage?

homer_j_3

No I called you an incompetent fool because you instantly dismissed my take on the situation and I felt people would pervceive that my coments were incorrect and/or inappropriate. As a professional, I do not feel that this was right coming from someone who has not delcared themselve to be a qualified person. That said, your views are important but I will not put up with you putting mine down.

It took me 2 seconds to find a 100% ltv product for 4.84% not the 5.5%+ you suggest in your post. This was just by looking on a ready available best buy table. Now this product may not be the best one for the OP.

I did in fact say in a previous post that you would not get the most competetive interest rate but you failed to pick up on that. Instead you decided to focus on how wrong I was and other brokers were.

I do not think you are silly for holding the values that you should try and save for a deposit but the OP had clearly stated that he felt he could not do that.

It was not my intent to upset you and I accept your apology. I personally am not here to financially gain from any MSE'er and I hope you realise that. I am here to try and provide balance to posts and provide benefit of my experience, industry knowledge and ensure that people are not misleading others.

When a broker reads - Use X company or Do this.... We will question it, not because the person suggesting is wrong but just to make sure people are aware that just because one thing is right for one person, it doesnt make it right for another.

MortgageMamma

We have to be creative to fulfil the needs of our clients, who incidentally, come to us for financial solutions to often complex and highly individual personal financial requirements. We find the right path for the client to take, given THE CLIENTS STATED OBJECTIVES, and guide them through a process that could otherwise become a financial minefield.

Whilst a broker would make a client aware that a 100% mortgage is more costly than a 95% mortgage and the facts surrounding it, it is purely the CLIENTS DECISION to proceed on this basis. It is not for a broker to question or criticise the objectives of their client, but to support the client to attain their goals as cost efficiently and with as least fuss as possible.

Also, the OP did not ask for advice based on personal values, as to whether a deposit is better, they asked for advice on 100% mortgages!

system15000

just seen this with portman bs, is this a good deal or is there better out there?

3 Year Fixed - 100% Mortgage
Repayment Type Initial Rate 5.29% Fixed until 31/05/2009 Changing to Standard Variable Rate, currently 6.50%, for the rest of the term
Interest Only £418.79 £514.58
Repayment £532.14 £600.39

meanmachine_2

MortgageMamma wrote:

Also, the OP did not ask for advice based on personal values, as to whether a deposit is better, they asked for advice on 100% mortgages!

Yes, yes, yes, but this is a public forum on a moneysavers site committed to helping people not get ripped off by lenders.

I don't expect to be called either incompetent or a fool for suggesting that the OP should have some equity in their property.

A slip in the housing market and the OP is stuck in negative equity. There's a fat lot that a broker can do in those circumstances.

Anyway, I've said my piece. Adieu!

homer_j_3

look on https://www.moneyfacts.co.uk and https://www.moneysupermarket.com for the mortgage bestbuy tables

just looking at interest rates will not give you the best deal. You need to consider, up front costs such as arrangement fees etc and then the back end fees such as early repayment fees. You also need to consider the way that the company charges interest as this could cost you more if they charge on an annual basis.

Have a read of martins mortgage guides, have a look at the best buy tables, do as much research as you can with a view of trying to understand the market and how lenders operate but as FTB, I would suggest the broker route to give you guidance and advice.