Bristol And West 100% Mortgage. Yes 100%

mitchaa

I thought there were none left?

A new kickstart for FTB then:D

http://www.bristol-west.co.uk/more/firstStart/mortgageRates/MoreFirstStartMortgageRates.aspx

7.19% £499 fee

Not too bad at all in todays climates.

Ian_Griffiths_Halifax

mitchaa wrote: »

I thought there were none left?

A new kickstart for FTB then:D

http://www.bristol-west.co.uk/more/firstStart/mortgageRates/MoreFirstStartMortgageRates.aspx

7.19% £499 fee

Not too bad at all in todays climates.

Bare in mind that in order to get the First Start Mortgage, you need to have a 'Sponsor' go onto the mortgage with you.

This would normally be a Parent or Guardian, whose income would be taking into account along with ONE of the other applicants.

Browntoa

I bet they pull it before the end of the day "due to excessive demand"

mitchaa

A look on moneysupermarket.com brings up an abbey product aswell

http://www.moneysupermarket.com/mortgages/MortgageDetailsNew.asp?id=1&LENDER=1&TRUCOST=68846.80&TRUCOSTYRS=5&1MONTHPAY=1114.78&APR=7.6&BypassSplash=0&Originator=Results

However they dont appear to be advertising it on the abbey site.

So that looks like 2 x 100% mortgage lenders now then

mitchaa

Browntoa wrote: »

I bet they pull it before the end of the day "due to excessive demand"

Yes i can imagine a very high demand coming their way.

Good way to go about business but risky with possible drops coming and -Ve equity

Browntoa

you've got to wonder sometimes if these are an advertising ploy ?

grabs some headlines , some good press, then pull the deal quietly

then who knows if anyone gets past their credit scoring to actually get it

sarkin

7.19% priced so no first time buyer can afford it

barrymoney

offering 100% ltv at 7.19% seems like irresponsible lending to me...

mitchaa

7.19% will certainly be cheaper than raising a 5-10% deposit.

Fix that for 2yrs, put up with a little higher payment (7.19% isn't THAT bad) and then remortgage for better deal IF property value has risen.

Risky, but its now giving people an option.

Save 5-10-15-£20,000k deposit or put up with an extra £50-100pm in mortgage interest.

I'd say most desperate to get a property will put up with the higher interest

mitchaa

barrymoney wrote: »

offering 100% ltv at 7.19% seems like irresponsible lending to me...

Not if they cap lending at 3.5x salary its not.

A risky move with possible drops but business for them will surely soon be booming as every FTB in the country will be interested in this.

Jimuth

mitchaa wrote: »

Not if they cap lending at 3.5x salary its not.

A risky move with possible drops but business for them will surely soon be booming as every FTB in the country will be interested in this.

Even with drops at the moment, 3.5x salary on 100% won't find many properties. That doesn't even take into account potential unemployment around the corner if the HPC becomes a full-on recession.

Irresponsible lending. End of.