Finding 100% Mortgages

danzman

My understanding is that there are still companies offering 95 - 100% mortgages but i can't find them anywhere online?

Can anyone point me in the right direction? Is it just a case that some mortgages are not advertised this way?

Any help would be appreciated

Thanks

VIGILANT22

Your understanding is wrong...

smcqis

ulsterbank in NI do this

VIGILANT22

This is for info purposes and neither to promote or encourage people...just to make people aware this applie to NI only...

Accepted Locations : N Ireland

This is a scheme exclusively for FTB customers purchasing a property in one of the participating developments only.
The scheme is a 5 year proposition where customer can apply for a 95% mortgage with the remaining 5% being paid by the developer who retains a second charge for the 5 years.
After 5 years UB will have the property re-valued with one of three outcomes possible:
1. If the property value rises by 5% or more, the customer must repay the 5% deposit to the developer.
2. If the property value remains the same there is no requirement for the customer to repay the 5%.
3. If the property value falls the customer does not repay the 5% deposit & their mortgage balance may be reduced by up to 10%.

phlash

Even if you find a mortgage offering that, after all the lessons learned over the past few years, you would still sign the dotted line on a 100% mortgage?!

No wonder we have repeated economic cycles. What's that saying....

"The one thing we learn from history is that we never learn from history"

ginvzt

Apparently, mortgages for 95%-100% still exist:

There are still very few mortgages available with just 0% or 5% deposits, but there are now 489 deals that ask for 10% or 15% down-payments.

http://news.bbc.co.uk/1/hi/business/8555078.stm

Can't tell you who gives them though! (I hope it is for the cases where 100% mortgages required is 1x annual income!)

lazer

phlash wrote: »

Even if you find a mortgage offering that, after all the lessons learned over the past few years, you would still sign the dotted line on a 100% mortgage?!

No wonder we have repeated economic cycles. What's that saying....

"The one thing we learn from history is that we never learn from history"

I would easily sign on the dotted line - personally i would love it if they still offered 100% mortgages.
The amount i'm paying out in rent would easily cover a mortgage. I am curently saving for a deposit but i will be a while before i can afford one.

What i would love to do is get a 100% mortgage and keep the savings to pay for furniture etc, and to keep as a back up in case I become out of work at some point

I would love know how many people that are currently championing the fact that 100% mortgaes are no longer avavilable bought their own houses on a 100 (or more)% mortgage

VIGILANT22

Not many as they're more than likely in negative equity....ie 125% mortgage....please read up on finance to understand further...that way you'll avoid being in the position of the people you "envy"...I bet they would swap with you anyday........

Conrad

On the other hand the vast majority that took 100% mortgages in the last decade are not in neg eq and do not regret.

lazer

VIGILANT22 wrote: »

Not many as they're more than likely in negative equity....ie 125% mortgage....please read up on finance to understand further...that way you'll avoid being in the position of the people you "envy"...I bet they would swap with you anyday........

I don't need to read up on finance to understand negative equity, and honestly I would rather be in the position of negative equity than throwing money away on rent.

I want to buy as house as a home, not an investment. I want somewhere I can decorate, renovate and do what i want with without the constant fear being evicted etc.
The security of my own home means a lot to me.
A fixed rate mortgage for 5 years would me i know i could afford the repayments regardless of house prices rising or falling.
Negative equity only really becomes an issue when looking to move or release the equity.

VIGILANT22

lazer wrote: »

I don't need to read up on finance to understand negative equity, and honestly I would rather be in the position of negative equity than throwing money away on rent.

I want to buy as house as a home, not an investment. I want somewhere I can decorate, renovate and do what i want with without the constant fear being evicted etc.
The security of my own home means a lot to me.
A fixed rate mortgage for 5 years would me i know i could afford the repayments regardless of house prices rising or falling.
Negative equity only really becomes an issue when looking to move or release the equity.

or trying to get another deal when your current deal is up, which has happened to many....think of these pour souls on svr's and rates start to rise...that is when we will see the true meaning of recession and repossession


(3 i want's!!)...:)