100% mortgage?

shopaholic232

Does anyone know if its still possible to get 100% mortgage in northern ireland?

wanchai_2

I doubt it. Banks rightly no longer want to lend to those who haven't saved any deposit. Would 5% or 10% be possible for you to save?

shopaholic232

Hi yes we could save just wondered as we have seen a house that we love and great price on it now just may not be available by the time we save just wondered what options we have

x12yhp

Not meaning to be rude but one of the reasons so many people are in trouble is that they did exactly this. With no money behind you, should you find such a mortgage, you will almost instantly find yourself in negative equity because the market remains negative.

Sorry but 100% mortgages are a bad idea, IMHO a person should show some good evidence that they can save and have enough motivation to compromise elsewhere before they should be granted large sums of money. If I were you, I would keep on renting. The market is still going down and, if you have real motivation to get on the market, 18 months to 2 years should see a passable deposit and you will not have lost on your rent.

rolo1_2

X12yhp - with due respect, I think OP explained the reason why they would like a 100% mortgage.

I'm sure they know all the pros and cons etc.

shopaholic232

Thanks for the replys, yeah i know we would be better saving a deposit but just seen the house we both love and feel heartbroken as no deposit saved an with the price being reduced would say it wont be on the market for long

bettybelle

Why don't you go Co-Ownership? You can get a large share initially then save up to buy the rest of it completely. I know it has its critics but I think it's a great scheme, and it's the only option for a lot of people.

Ulster Bank will offer a mortgage through Co-Ownership without a deposit

wanchai_2

Don't touch co-ownership with a barge pole.

Let the house go and start saving. There will be other houses, at a lower price. Prices are still falling.

May I ask why you have no savings yet? Could you afford the many costs associated with housebuying - mortgage (with rate rises likely), rates, buildings insurance, life assurance, repairs, maintenance etc? Not criticising, just curious.

oldhand

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/8694426/100pc-mortgages-return-to-the-market.html

Not sure if this is any help,seems to be for people with "high salaried secure jobs" if there are such things,good luck.

SnowyOwl_2

There will always be another house you like just as much. Finding it may be difficult but not impossible. It is sickening to have to walk away from somewhere which seems perfect (I've done it too, it does make you feel sick!). However if you have to compromise yourself financially to get that particular house, then it's not perfect for you at all.

saverbuyer

100% mortgage in the current falling market is ridiculous. Luckily this type of product is very limited now.

If you have parents who could put their property or saving up as collateral it is possible but I would caution against it. A few lenders offer these types of guarantor mortgages.

Much better to save. I don't me to sound cheeky but if you can't save even a small fraction of the biggest purchase of your life how do you expect to pay for major repairs like when the boiler needs replace.