100% Mortgages do they still exist?

Ian_Griffiths_Halifax

meanmachine wrote: »

£599.

There - at least I've bothered to do a little bit of research for these people.

Now would you agree with me that what I'm proposing is infinitely more sensible than taking out the ONLY 100% mortage on the market, which they're unlikely to even be accepted for?

I'm glad you're not a Mortgage Adviser. That deal had been withdrawn before you posted the details. Great research :rotfl:

It's now 6.29% Fixed to 30/06/2011 and a maximum 90% Loan To Value Ratio.

mitchaa

Ian_Griffiths_Halifax wrote: »

I'm glad you're not a Mortgage Adviser. That deal had been withdrawn before you posted the details. Great research :rotfl:

It's now 6.29% Fixed to 30/06/2011 and a maximum 90% Loan To Value Ratio.

Thought it looked too good in todays climate.

So the 7.39% offered by Bristol and west really isn't that bad in comparison.

debtuptoeyeballs

An alternative to a 100% mortgage would be to use a lender who accepts the Vendor Deposit Scheme. If you can negotiate for the vendor to pay the 5% deposit for you by accepting eg £95,000 on a £100,000 asking price, if the valuer then confirms the value of £100,000 then there's no problem.

This sounds perfect for a situation my sister is currently in. Do you happen to know if Bank of Ireland accept the Vendor Deposit Scheme? They have approved a 95% mortgage for her but this scheme would be even better for them.

Thanks for illustrating this option so clearly

andys15

strongboes wrote: »

If you cant restrict your outgoings enough to save a deposit then should you really be buying a property in the first place!

Also that 150k house is only going to be worth 100 tops in 2-3 years time so save yourself what i can only imagine must be a sickening feeling and buy nearer the bottom and not nearer the top, which is where we most certainly are now!

I dont care that the house I am exchanging on this week has lost value, it could be worth £0 tomorrow for all I care because mystic strongboes in his next post is going to tell me this week lottery numbers. Thats if he is not to busy advising Gordon Brown on the house prices crisis that he has forcast in 3 years time.

Ian_Griffiths_Halifax

debtuptoeyeballs wrote: »

This sounds perfect for a situation my sister is currently in. Do you happen to know if Bank of Ireland accept the Vendor Deposit Scheme? They have approved a 95% mortgage for her but this scheme would be even better for them.

Thanks for illustrating this option so clearly

Sorry, no, Bank of Ireland don't accept Vendor Paid Deposits, but there are plenty of lenders who do.

geoffky

theres a horse running in the 3.45 called fools gold .i suggest some of you get on it..

geoffky

it won at 14 to 1.

meanmachine_2

Ian_Griffiths_Halifax wrote: »

I'm glad you're not a Mortgage Adviser. That deal had been withdrawn before you posted the details. Great research :rotfl:

It's now 6.29% Fixed to 30/06/2011 and a maximum 90% Loan To Value Ratio.

Aah, so at a time of rising fixed rates, deals being withdrawn at short notice and mortgage approvals at a RECORD low, yep, you're recommending a 100% mortgage.

Breathtaking.

And thanks - I'm also glad I'm not a mortgage adviser at the present time. For obvious reasons.

Tiddler_2

I think the point that Ian is making is that - yes we are mortgage advisers, so we advise on which mortgage is the best one to meet the customers requirements.

If, after pointing out the risks involved with taking out a particular type of mortgage, a customer wishes to proceed with that type of deal, then we have a decision to take on whether we arrange the mortgage or not. As long as everything in the application is done legally then the adviser is doing nothing wrong, legally or morally.

You could apply the same argument being raised here to buying brand new cars. They lose money as soon as you drive them off the garage forecourt in virtually 100% of cases - yet lots of people still buy them!

Ian_Griffiths_Halifax

meanmachine wrote: »

Aah, so at a time of rising fixed rates, deals being withdrawn at short notice and mortgage approvals at a RECORD low, yep, you're recommending a 100% mortgage.

Breathtaking.

And thanks - I'm also glad I'm not a mortgage adviser at the present time. For obvious reasons.

Your argument is seriously flawed.

1. If somebody takes out a Fixed Rate, their rate isn't going to rise, it's the customer who comes along after they have risen who are going to have to make THEIR choice as to whether or not to take the new higher rate. If they don't like it and can't afford it then don't take it. Simple really.

2. Rates are being withdrawn at short notice but is that a reason NOT to take one? I'm confused

3. Mortgage approvals are not at a record low. At one time you had to go on a waiting list to get a mortgage and had to have a 25% deposit even if you were well off. It's just that approvals are lower now than they have been for a long time. That still isn't a reason to NOT take a mortgage, it just means that if you can get one then you're one of the lucky ones.

Taking out a mortgage now is a personal choice and mortgages interest rates are still low compared to historic averages. It's just that they are higher than recent years and many current mortgage holders have never faced problems in obtaining finance. It's been thrown at them.