WITHIN REACH: The 100% mortgage
can be obtained by William H Brown although grandparents or others will have to guarantee up to 25% of the loan
Mansfield, which is only the second building society to currently offer a 100% mortgage
on shared ownership, said it had set aside only a "very limited tranche" of funding for the product.
Anyone who takes a loan is effectively taking out a 100% mortgage
through the back door.
When borrowers are considering a 100% mortgage
, they should be aware of lenders who charge a high lending charge.
A My advice would be not to proceed with your 100% mortgage
offer because the likelihood is you will be paying too much for the property.
A number of lenders will even advance a 100% mortgage
and an additional unsecured loan to help pay for legal costs, stamp duty and furniture, meaning people effectively borrow more than their home is worth at the outset.
The couple got a 100% mortgage
from Northern Rock to buy their pounds 69,000 first home.
uk showed that there has been a 70% increase in the number of 100% mortgage
products available direct from lenders during the past six months.
As the name implies, a 100% mortgage
provides the full purchase price for those buyers who don't have the benefit of a deposit.
Brokers at the Mortgage Advice Bureau said homebuyers opting for a 100% mortgage
rose by 21% in 2006, while those opting to borrow more than the value of their property grew by a half.
And because a lot of homebuyers in Northumberland are not seeking the 100% mortgage
offers, we think a lot of our customers will be relatively unaffected.
The era of the 100% mortgage
ended last night after the last lender to offer a deposit-free loan withdrew the deal.