Finding 100% Mortgages

GSXRCarlos

Lazer,

this thread has become more about "i hate 100% mortgages" than your original post

Try again:

in all honesty, a 100% mortgage offers you no protection against falling prices. If you have that kind of money in the bank why not put some of it towards even a small deposit

95% mortgages are back out there, and if you can afford the rates/repayments then go for it, but a 100% mortgage today, can very quickly turn into a 110% mortgage tomorrow if prices fall, don't forget that a mortgage is based on the loan to value of the property and as soon as you pay fees you're above 100% straight away

am i teaching you to suck eggs? if so it's not intentional

AddictedMoneysaver

Good point VIGILANT. I think NR are the prime 'how not to do it' example as they went too OTT with their lending but I noticed from a mortgage interview I went for the other day, they asked in more detail about our outgoings and financial commitments and they only offered us 3.5x our joint income so surely if they used tighter lending criteria along with a 95% or 100% mortgage then it'd be do-able?

As you mentioned in the other thread I started earlier, it's a case of predicting whether that loan will still be worth 95% or 100% of the value as the house may still drop in value over the term so maybe that's why they haven't started lending as much yet and why it's so hard to find a god deal? If that's the case then we probably won't see much come out over the next year or so until they know which way house prices are going.

VIGILANT22

It is too unstable at the moment for lenders to go to 100%, the market needs to settle down...It would be very irresponsible of any lender to offer 100% in a market that could fall further and create more financial distress

ninky_2

http://www.fairinvestment.co.uk/high_loan_to_value_mortgages.aspx

not sure if you meet the criteria for any of these but think there are also some 90 percent deals for FTB (lloyds).

lazer

VIGILANT22 wrote: »

Quote:
Originally Posted by lazer;

However if the worst came to the worst, and i did lose the house and owe a chunk of money - [B
thats life,[/B] these things happen and have to be dealt with. To me the risk is worth it.


I have just posted about people not ready to take on the responsibility of a mortgage....above is a prime example.....

That was very selective quoting,

The full context of this was

"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 have the savings to pay the mortgage for a time (I would like at lease a years payments at least saved), and i would hope to have found a new job within that year.
However if the worst came to the worst, and i did lose the house and owe a chunk of money - thats life, these things happen and have to be dealt with.

To me the risk is worth it"

I think the fact that i want to enter into a mortgage with enough savings to meet the minimum repayment for a period time means that I am responsible.

I have never missed a rent payment or any bills ever, the only thing i have every bought on finance was my car - which i put on the minimum finance term available and was very strict with my spending until the finance was paid off.

I have managed to pay rent for 7 years, without missing any payments even through tough times, I think i could manage the same with mortgage payments.

So please do not selectively pick out parts of quotes to suggest i'm irresponsible.