100 Percent Mortgages

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If you’re unable to afford - or prefer not to pay - a deposit, then a 100% mortgage may be the best choice for you. However, since the beginning of this year mortgage lenders in the UK have started experiencing difficulties securing funding for mortgages (in the manner to which they have become accustomed)*. The result of this is that mortgages deemed to be of the highest risk are starting to be withdrawn from the market. 125% mortgages were the first to go, and now 100% mortgages are also being withdrawn by many lenders.

Whilst there are currently some limited options available, mortgage lenders have tightened their credit scoring for these products and therefore you need a near perfect credit history to have any chance of obtaining a 100% mortgage. As a ‘whole of market’ broker, you can be sure that we will continue finding these products as long as somebody in the market place is offering them. In fact, we are so confident that we can find the lowest rate for you that if you find a better deal we’ll happily match it - and pay double the payment difference for the first year!
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Regrettably, there are currently no mortgage lenders in the UK offering 100% mortgages. All such products were withdrawn from the market at the start of 2008, as mortgage lenders started to experience difficulties in securing funding for these products.

It may be that mortgage lenders will re-enter this market, should their confidence in the financial markets return. Until then, remortgages are only likely to be available up to 95% and lenders are likely to require a deposit of 3% or more from people looking to purchase a property.

What is a 100% mortgage?

100% mortgages allow you to arrange a mortgage deal without paying a deposit (usually around 5-15% of the property value). With house prices continuing to rise, this is a very useful arrangement for people looking to get a foot on the property ladder.

Is a 100% mortgage right for you?

100% mortgages aren’t right for everyone. Borrowing anything over 90% of your property value is a higher risk to the lender, so interest rates are generally higher. If you can afford a deposit, you may benefit from lower interest rates and a shorter repayment term. However, if you are looking for a way to purchase a house without having to save up thousands for a deposit, this is an excellent option.

Call us on 0845 603 1525 for a free consultation with a member of our friendly and experienced team. We are happy to discuss your situation and help you try to find a 100% mortgage.

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