100% mortgages

100% Mortgages are not available at present.

Previously 100% loan covers the full value of the property, so no deposit is needed.

This is usually popular among first time buyers who otherwise would not be able to get a mortgage even though they may have sufficient income.

These mortgages are normally more costly because the lender is taking a greater risk.

Some lenders can even lend more than the purchase price if there is enough income and this extra borrowing can be used to pay for the costs associated with a mortgage and to pay for extra things like home improvements or household goods.

The 100% mortgage is not suitable for everybody’s needs and in a falling property market you may end up owing more than your house is worth – ‘Negative Equity’. You should always seek professional advice before deciding on which type of mortgage is most suitable for your needs.