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are there any 100% mortgages left?
babyt_2
Posts: 49 Forumite
Hi all,
We have seen a bargain of house which we know needs work but firmly believe we can do the work ourselves to make it good again and hopefully fulfil its full potential.We have nowhere near enough for a deposit so would need a 100% mortgage to grab this bargain. Are there still some out there and wheres best to look for this? Any advice would be appreciated. Thanks
We have seen a bargain of house which we know needs work but firmly believe we can do the work ourselves to make it good again and hopefully fulfil its full potential.We have nowhere near enough for a deposit so would need a 100% mortgage to grab this bargain. Are there still some out there and wheres best to look for this? Any advice would be appreciated. Thanks
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The simple answer is that at present, there are no 100% mortgages available in the UK mortgage market.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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ProvidaMortgages wrote: »The simple answer is that at present, there are no 100% mortgages available in the UK mortgage market.
That is incorrect - you can still get 100% mortgage with Bristol & West's First Start mortgage. However, it has to be purchased with a parent on the application, and you need to meet the strict criteriaI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Oh yes that one! Sorry, made the assumption that you were a next time buyer. I would agree with herbie that if you are a first time buyer, really carefully check the product criteria before deciding to go with B&W.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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there are also other potential options, vendor gifted deposits for example - it would be worth checking with a broker, refurbishment shemes whereby you can draw down more when the house is finished (you'd need to borrow the deposit in the interim) are another option.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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