100% Mortgage
100% mortgages were developed for those buyers who have little resources to use as a deposit. If you are looking to buy a property but do not have funds for a deposit a 100% Mortgage may be the perfect solution. The major advantage of this type of mortgage is NO deposit is required.
Be aware that lenders may charge you a Higher Lending Charge(HLC) for this type of mortgage because the lender is effictively taking all the risk. Also negative equity can be a risk if market conditions deteriorate e.g. property values may fall. This will subsequently alter the loan to value on your property putting you into negative equity. Although this will not have an immediate impact, if you decide to sell your property and the value has declined, you will still owe any difference between the outstanding mortgage balance and the sale amount.
This type of mortgage is ideal for those who have limited, or no resources to put down as a deposit. This type of mortgage is very common with First Time Buyers. In light of recent market conditions this type of mortgage is becoming increasingly rare as more and more lenders, require that borrowers put in some kind of deposit.
At North Mortgages our Mortgage Experts will take care of everything on your behalf. Remember, we source mortgages from the whole of the market, so you know your getting the best deals available and all tailored to suit your personal circumstances.
Call NOW on: 08000 949 595 or contact us today to arrange a Call Back.
