Anyone know of 100% mortgages?

[truman 10]

I will keep looking for a 95% mortgage or tell my son to keep saving, they really dont help the first time buyers anymore do they, its so unfair when they work and want to purchase there own instead of bidding on council propertys ( and he would only get a pokey flat anyway)

 

When we bought our first home ( a while ago now) we had to put a 10% deposit down.....it was normal then..

[shells 10]

You can obtain a 100% mortgage if you can secure some of the deposit against your parents house. We have an advisor at reeds rains who can help you with this, call 0114 233 0250 for further information or to book an appointment.

[PhoenixPMS 10]

A lot of the larger builders like Persimmon or Barrett will contribute 5% of the purchase price towards your deposit. May be worth ringing around to see what deals you could get.

[Jeffrey Shaw 90]

A lot of the larger builders like Persimmon or Barrett will contribute 5% of the purchase price towards your deposit.

But that merely means reducing the purchase price- it won't in any way increase the % mortgage advance otherwise available.

[stato77 10]

But that merely means reducing the purchase price- it won't in any way increase the % mortgage advance otherwise available.

 

Surely it would give you 5% more deposit than you already have?

[Eckolad 10]

You could buy a house in clowne for 70k so no need for a 100% mortgage.

 

Simples

[*Ryan* 11]

does anyone know who does 100% mortgages, or a small deposit

thanks

 

We got one years ago, but they classed it as a 95% mortgage and a 5% loan. So there are ways around it if there is no money going spare

[MZ2832 10]

I will keep looking for a 95% mortgage or tell my son to keep saving, they really dont help the first time buyers anymore do they, its so unfair when they work and want to purchase there own instead of bidding on council propertys ( and he would only get a pokey flat anyway)

 

Both Redrow and Barratt have deals on new builds with a 5% deposit:

Edited August 30, 2012 by MZ2832

[Jeffrey Shaw 90]

Surely it would give you 5% more deposit than you already have?

Initially, yes- but the Council of Mortgage Lenders advises mortgagees and solicitors to beware of fraudulent cashbacks designed to scam the mortgagee [lender] into over-lending.

[PhoenixPMS 10]

I have just purchased a property from them personally with a 25% deposit from my own funds, they have then gifted an additional 5%, the purchase price was not reduced. In addition to this I sourced my own mortgage products via a independent broker so you are not tied to one of their approved lenders as part of the deal.

 

In all it seemed quite strait forward, having worked in the banking, mortgage and property industry's I was initially dubious but everything has been ok to my surprise.

[maz-cooper 10]

my cousin got a 100% mortgage I think it was barrats but that was years ago.