100% mortgages?

Glitterpix

anyone know if there are any 100% mortgages about? My fiance works fulltime as a jeweller and i'm a full time stay at home mum as have just had a new baby. so not enough savings at the moment for us to get a house without one. We're renting at the moment but it would be cheaper in long term for us to buy. Any help is muchly appreciated!

herbiesjp

None of these about.

You will need at least a 10% deposit.

To get decent rates you would be looking at 25% deposits.

brit1234

There won't be 100% mortgages when house prices are set still to fall, hence the better rates for 25% deposits as it protects the lender.

Best choice is to rent and save for a few years. Took me 6 years to save my deposit.

Leela_G

there appears to be one avail for ftb

http://www.money.co.uk/mortgages/100-mortgages.htm

Wutang_2

Leela_G wrote: »

there appears to be one avail for ftb

http://www.money.co.uk/mortgages/100-mortgages.htm

There appears to be NO 100% mortgages if you read any of the link you have posted.

Peace

Leela_G

Wutang wrote: »

There appears to be NO 100% mortgages if you read any of the link you have posted.

Peace

i think you will find that there is Northern Bank are offering one for FTB only

OP i hope this is of some help to you

VIGILANT22

Leela G;i think you will find that there is Northern Bank are offering one for FTB only OP i hope this is of some help to you[/QUOTE]


Be better if you read T&C's....

Wutang_2

Leela_G wrote: »

i think you will find that there is Northern Bank are offering one for FTB only

OP i hope this is of some help to you

Where is this please?

YorkshireBorn_2

I know that Yorkshire bank are doing 95% mortages, my friends have just got one with them, they was looking for a 100% but didn't have much luck finding one.

brit1234

YorkshireBorn wrote: »

I know that Yorkshire bank are doing 95% mortages, my friends have just got one with them, they was looking for a 100% but didn't have much luck finding one.

Good to see sub prime coming back :mad:

If you have to go for a 100% or 95% mortgage you really have to think should your really be buying a house. A safe customer would demonstrate the ability to save.

I hope the government don't bail out Yorkshire bank with more tax payers money.

azazle

Yorkshire bank are owned by National Australia Bank and, as far as i am aware, have received no help from the UK government / Tax payers money.My understanding is that National Australia Bank is relatively cash rich. Yorkshire bank/ Clydesdale bank do offer 95% and 100% mortgages at the moment but only on selected developments. They are very strict and i mean very strict on who they will lend this LTV to and operate on an affordability criteria. They will lend a high LTV if you basically have very little outstanding credit and have very high incomings to low outgoings ratio. How do i know this? because I am one of the 12 people last year who successfully took out a 100% mortgage late last year. Google: 100% mortgage clydesdale telegraph and read the article.

People constantly go on about how irresponsible this kind of mortgage is but the only irresponsible thing about these mortgages is if they are lent to people who cannot afford them. I currently overpay £400 per month on my mortgage and have been doing so for the last 6 months which is already having a significant impact on my LTV when it comes to the end of my fixed term period. Granted the apr is 6.99 over 3 years but at least i know that should rate rises reach this level i will be able to afford to pay at this level of interest rate and more.

Its not the 100% mortgage that are the problem here, Its banks that lent out vast sums of money to people who had no real ability to pay should interest rates rise and no ability to over pay to reduce the LTV . If somebody earned a million pounds a year and wanted to purchase a house at £200k with 100% LTV why on earth should a bank not let this happen. What is the risk? its a unlikely scenario i accept but my point is plain to see.

I took this mortgage because saving money for a deposit meant wasting dead money on rent. For what? to pay somebody else's mortgage? how is that sensible.
I accept that I am not everybody and that nobody has the same circumstance as me but i get really frustrated at the amount of people who bash people for wanting a high LTV mortgage. For some people they just make sense.