100% MORTGAGE

If you don’t have a deposit to put down, when buying a property, then you will definitely need to get yourself a 100% mortgage.

100% mortgages are ideal for anyone who is buying his or her first home, especially today with continually increasing house prices in the UK, which are making it more and more difficult to get that first step on the property ladder.

If the property you want costs £150,000 then you will be able to borrow all of the £150,000.

If you interested in getting a mortgage without a deposit then give us a call. Our independent brokers can shop around to get you the very best deal available to suit your individual circumstances. Our broker's expert advisers are friendly and helpful, so if you have any questions or want a free mortgage quotation then just call or apply online.

How much will it cost ?

The only downside is that you may be charged a Higher Lending Charge (HLC) by your lender. In the past mortgage lenders have charged this when the loan is a large percentage of the property’s value such as 90%. They consider a loan like this to be a greater risk, as there is not much equity in the property. When a mortgage is for the full percentage of the property value it is considered an even higher risk because there is no equity in the property at all.

Please note however that if the value of your home were to drop even just a little bit you would be in negative equity situation. This means that if you sold your home it would not pay off all the money you borrowed to buy it.

Some lenders will however allow you to add the cost of the HLC to the amount you borrow. This increases the amount you will have to pay each monthly and strangely puts you instantly into a negative equity situation.

You might also have to pay a higher interest rate for having the privilege of a one hundred percent mortgage.

Let Us Help You

If you feel that property prices are running away from you then you may be keen to consider a 100% financing loan with no deposit as way of getting started quickly on the path to owning your own home even if you have to pay the extra charges or rates.

Remember our brokers work for you not the lenders and will strive to get you the most competitive deal possible. So call us now for the mortgage that could buy the whole of your home for you.

Our brokers should still be able to help you even if your financial track record is not as good as it should have been. The lenders they use will look closely at your current situation when evaluating your application instead of worrying too much about what happened in the past.