Mortgage Guide
100% Mortgages
Please note that there are few 100% mortgages around unless you have a guarantor - so you may need to start working on getting together a deposit. If you think you can get a deposit together or your parents can act as guarantors consult a mortgage advisor about how to progress with a mortgage.
How 100% mortgages work
These loans offers up to 100% of the property price.
Advantages of 100% mortgages
You would not find a personal unsecured loan at such a low interest rate.
The funds surplus to 100% should cover all home-buying costs.
You do not need to find a deposit.
Disadvantages of 100% mortgages
In effect, you are in a zero-equity from day one and if house prices then go down, your situation will worsen and you will go into negative equity.
The interest rate on high
LTV
loans is considerably higher. With some lenders, a Higher Lending Charge (HLC) could also apply.
Which lenders offer 100% mortgages?
These are not even available any more - ask a mortgage advisor to let you know if one comes on the market - save for a deposit and then seek mortgage advice.
100% mortgage advice
Request mortgage advice about 100% mortgages - though there aren't any at the moment..
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l
Cashback Mortgages l
High LTV Mortgages l
Graduate Mortgages l
Professional Mortgages l
Mortgages with Parents l
Guarantor Mortgages l
Family Offset Mortgages l
Mortgages with Friends or Family l
Mortgages at University l
Rent a Room Mortgages l
Affordable Mortgages l
Interest only Mortgages l
Part Repayment Part Interest Mortgages l
Interest-free Start Mortgages l
Shared Ownership Mortgages l
Poor, Adverse or Poor Credit Mortgages l
Key Worker Mortgages l Shared Equity Mortgages