100% mortgage available?

[sunwaymas 10]

Hiya

 

Is 100% mortgage available in the maarket now?

[DavidRa 10]

Hiya

 

Is 100% mortgage available in the maarket now?

No and unlikely to return.

[Danny_Boy 10]

Unless you buy a shared ownership property and are willing to accept an astronomical interest rate.

[corgigasman 10]

This is one of the reasons the market will struggle to recover. Couple of mates recently got mortgages but best 'offer' was 80% !!! During 'silly boom' 100% were available as were self-certs (even to people who would not normally qualify). Because lenders would not accept the rise would not end, ''everyone else is still lending at silly risks, why should we stop and miss out?'', when the inevitable happened then they had to beat a hasty retreat. Hence 100% disappeared literally overnight and 95% followed soon after. The criteria for mortgage acceptance was severely firmed up which resulted in a MASSIVE downturn in mortgages accepted ....hence market 'collapse'.

Several sources quote market showing signs of recovery or state market has hit the bottom. REMEMBER....these are the same sources that were previously blindly lending, could not see the inevitable crash, and sent US up the proverbial without a paddle.

I am NO expert (but then, undeniably neither are the experts) so you can only make up your own mind and follow your gut instinct.

Also ALL financial graphs are 'jagged' ie they do not rise then fall..they rise2/3 steps then fall one step on the way up to the peak and similarly on the way down (looking like a jagged mountain) therefore there can be several 'false dawns' when experts confidently predict we have 'hit the top/bottom'. If it were simple/obvious then we would all be market millionaires but it isn't and we aren't.

My advise 9for what it is worth) is this. Banks used to offer mortgages approx 3/3.5 your income but this ballooned to 5plus (10x was not unheard of) during the 'silly' period. They have had to go back to a more sensible level and tighten the criteria. When there is a constant (2yrs+) price rise and 90% mortgages are WIDELY available then I would suggest things are on a more level keel, but with the state of the economy and government borrowing etc etc then this could be a long time.

This is only my opinion and meant as 'unqualified advise' so make up your own mind.....but then what do the 'experts' know either:loopy:

Good luck all and feel free to respond to any points raised, cheers,

Steve