Are there any 100% mortgages out there?

Antispam

I didnt say for all but I agree with you

charley83 wrote: »

100%+ mortgages are the reason many of us are now paying the price because lenders lent out to people who could not afford it

Not for all people.... we had a 100% mortgage because we COULD afford it but had no savings. I know this isn't the case for everyone but the reason mortgage lenders SHOULD offer 100% mortgages to those who can definitively afford it and not for those who can't IMO

charley83

Another thing for us is that we bought from the council so had a 24,000 discount which I makes a real difference in terms of equity

PROLIANT

What an absolute load of crap!

I have been scouring the internet for a 100% mortgage and keep coming up against the "nay Sayers", house prices are low, I have found several houses that I could buy if I was lent the full amount for the mortgage, but they all say no, maximum 90%.

Ok so I could save £1000 per year, it will take me 8 years to save the 10% deposit for an £80,000 house, the housing market could have changed dramatically by the time I have the deposit saved up i.e. prices go up so I cant afford a house, bloody crazy country, favour the rich and wealthy at one extreme and reward the unemployed "can’t work won’t work crew" benefit scroungers at the other,
so the working man in the middle never gets a chance, this crap about saving is absolutely absurd, how the hell is any normal working family supposed to get on the housing ladder if people keep knocking them off!

savemoney

I understand your frustration but its quite possible at moment for many if they get full 100% mortgage, house price are still falling your now in 20k negative equity and you loose your job.

The only way for many is save, get another income or better job, be left some money or go live at home and cut your spending down

PROLIANT wrote: »

What an absolute load of crap!

I have been scouring the internet for a 100% mortgage and keep coming up against the "nay Sayers", house prices are low, I have found several houses that I could buy if I was lent the full amount for the mortgage, but they all say no, maximum 90%.

Ok so I could save £1000 per year, it will take me 8 years to save the 10% deposit for an £80,000 house, the housing market could have changed dramatically by the time I have the deposit saved up i.e. prices go up so I cant afford a house, bloody crazy country, favour the rich and wealthy at one extreme and reward the unemployed "can’t work won’t work crew" benefit scroungers at the other,
so the working man in the middle never gets a chance, this crap about saving is absolutely absurd, how the hell is any normal working family supposed to get on the housing ladder if people keep knocking them off!

PROLIANT

savemoney wrote: »

I understand your frustration but its quite possible at moment for many if they get full 100% mortgage, house price are still falling your now in 20k negative equity and you loose your job.

The only way for many is save, get another income or better job, be left some money or go live at home and cut your spending down

I have income protection insurance which means I will get my equivilent monthly salary paid if I loose my job, I see your point but I am so peeved now at the way the banks and government are preventing the very people who keep them afloat from moving on in life. :mad:

savemoney

If its any help I got into negative equity in late 80'sb early 90's took years to accrue any equity and I didnt loose my job and also had insurance and still do. Its only recent I actually moved to 2nd home more because we out grown our old house as much as I loved it

I worked many hours in 90s to keep afloat often working from 5 until 5 pm and longer at Xmas, I realise you cant do that now nor do you want to for very long

I did without many things in life many would today not like to do, but to me owning a house was more to me than some other things, holidays, cars etc etc

not_tonight_josephine_2

PROLIANT wrote: »

Ok so I could save £1000 per year, it will take me 8 years to save the 10% deposit for an £80,000 house, the housing market could have changed dramatically by the time I have the deposit saved up i.e. prices go up so I cant afford a house, bloody crazy country, favour the rich and wealthy at one extreme and reward the unemployed "can’t work won’t work crew" benefit scroungers at the other,
so the working man in the middle never gets a chance, this crap about saving is absolutely absurd, how the hell is any normal working family supposed to get on the housing ladder if people keep knocking them off!

I understand your frustration, but if you can only save £1k per year then how are you going to cover all the non mortgage related costs of the purchase (fees etc) even if you get a 100% mortgage? How will you furnish the house? How will you pay for unexepected costs if your boiler/washing machine/fridge freezer goes wrong?

We are too obsessed with home ownership at any cost in this country, I personally think we need a cultural change towards a more European way of thinking with the legal framework to support it ie long term secure tenancies - until this happens I can understand why nobody wants to be a tenant, you spend your life at risk of being moved on with only 2 months notice!

PROLIANT

not_tonight_josephine wrote: »

I understand your frustration, but if you can only save £1k per year then how are you going to cover all the non mortgage related costs of the purchase (fees etc) even if you get a 100% mortgage? How will you furnish the house? How will you pay for unexepected costs if your boiler/washing machine/fridge freezer goes wrong?

We are too obsessed with home ownership at any cost in this country, I personally think we need a cultural change towards a more European way of thinking with the legal framework to support it ie long term secure tenancies - until this happens I can understand why nobody wants to be a tenant, you spend your life at risk of being moved on with only 2 months notice!

I long to own my own home and have something to pass on to my children, I hate the house I am in at present, Housing Association dictating to me what, when and how.
My partner would contribute financially however I do not want to be linked to her financially as her credit files are terrible and do not want my credit rating harmed, I was under the impression that house buying related fees were absorbed in the mortgage so you didn’t have a huge financial outlay?
Maybe I am mistaken.

janninew

PROLIANT wrote: »

What an absolute load of crap!

I have been scouring the internet for a 100% mortgage and keep coming up against the "nay Sayers", house prices are low, I have found several houses that I could buy if I was lent the full amount for the mortgage, but they all say no, maximum 90%.

Ok so I could save £1000 per year, it will take me 8 years to save the 10% deposit for an £80,000 house, the housing market could have changed dramatically by the time I have the deposit saved up i.e. prices go up so I cant afford a house, bloody crazy country, favour the rich and wealthy at one extreme and reward the unemployed "can’t work won’t work crew" benefit scroungers at the other,
so the working man in the middle never gets a chance, this crap about saving is absolutely absurd, how the hell is any normal working family supposed to get on the housing ladder if people keep knocking them off!

I agree with you and understand your frustrations! I work like a dog to pay my mortgage, i can't afford to have much of a life! There is a women over the road from me, doesn't work, gets house paid for and i should imagine all kinds of benefits! Its shocking, she has a better lifestyle than me! It seems in this Country if you work hard you get bu**er all, i work ever hour god sends to keep her in her free house and new clothes! :mad:

not_tonight_josephine_2

Unfortunately if you need to borrow the full value of the house you are buying then add fees (solicitors etc) on top, this will mean you need more than a 100% mortgage - I think it will be a very very long time before we see those again!

If your partner has bad credit then maybe you should wait a few years and save as much as you can then when the bad stuff drops off her file think about buying again? I don't think house prices will shoot up any time soon.

As for leaving something to your kids, that's a really nice ambition but I wouldn't worry about it too much - given how much longer we're all living these days most kids will have made their own way in the world long before they inherit anything from their parents! Given the way things are going now there's a good chance the government would take your house anyway when you get older so none of us will have anything to leave anyway!