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FTB = 100% mortgage over 30 years????
suzyp1982
Posts: 255 Forumite
Is there such a thing? could we get one?
Basically my brother and his girlfriend are desperatly trying to get on the property ladder, they have found a house up for £120K (bargain in our area - Leicestershire) the house needs complete modernisation but my bro is a bricklayer as is my dad so not really a prob.
Problem is they have just finished off paying for loans so have no savings, they need a 100% mortgage (cashback would also be excellant to help start them doing it up) and preferbly they need it over 30years (so that they can afford the monthly payments and have a little left over to do the house up. Does this make sense so far???
My bro is only 26, his girlf 23, so they are young enough to have it over 30 years.
Anyone got any ideas if a bank does this kind of mortgage?
Thank you so much for any advice
Basically my brother and his girlfriend are desperatly trying to get on the property ladder, they have found a house up for £120K (bargain in our area - Leicestershire) the house needs complete modernisation but my bro is a bricklayer as is my dad so not really a prob.
Problem is they have just finished off paying for loans so have no savings, they need a 100% mortgage (cashback would also be excellant to help start them doing it up) and preferbly they need it over 30years (so that they can afford the monthly payments and have a little left over to do the house up. Does this make sense so far???
My bro is only 26, his girlf 23, so they are young enough to have it over 30 years.
Anyone got any ideas if a bank does this kind of mortgage?
Thank you so much for any advice
0
Comments
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There are several lenders that do 100% mortgages
Which one would be suitable will depend on their exact details and the figures they are looking at.
Can you post anything more?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes i can, what would you like to know?
Also was thinking that he could have a interest only for a few years whilst he does the house up (ie he needs less mortgage payments each month so he can afford materials etc) then would he be able to convert to capital repayments?0 -
What are their incomes?
Can they prove their income?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My brothers income is £24k (due increase in 2 months) has been working for the same firm for 2 years, so yes can prove income
His girlf is on £17000, again been working for the same firm for 2 years so can prove her income0 -
On that basis there are several lenders that could look at this for you - but it will depend on your exact circumstances as to whether you will fit their criteria or not.
Fees will play a large part on this also, as a lot of lenders will charge a Higehr Lending Charge - alternatively you can go for a scheme that does not charge this fee, but pay a slightly higher rate instead.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Any ideas who will lend?0
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