100% mortgages have become increasingly popular in recent years with more and more first time buyers having to borrow the entire value of their property from mortgage lenders. These 100% mortgage lenders also can lend higher than standard income multipliers, however their interest rates for these 100 percent mortgages are again higher than a 95% mortgage. If you are borrowing the maximum 100 percent mortgage, you should consider a fixed or capped interest rate mortgages, since these buy valuable protection against the risk of rising mortgage interest rates. If you’re simply using the 100 percent mortgage to allow you to buy a home that you can’t really afford then it’s really not a good idea.

3 Steps to a 100% Mortgage

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Step 1 of 3	About your mortgage
Are you looking to: How much would you like to borrow? Buy a property Remortgage a property Buy a property to let     How long do you need the mortgage for? 1 year2 years3 years4 years5 years6 years7 years8 years9 years10 years11 years12 years13 years14 years15 years16 years17 years18 years19 years20 years21 years22 years23 years24 years25 years30 years40 years50 years   Proceed to step 2.

Step 2 of 3	About your mortgage
Estimated property value?   Are you a first-time buyer? YesNo   Do you need to self-certify your income? YesNo   Have you: Had a CCJ or Default registered against you? Missed one or more secured loan or mortgage payments in the last 12 months? Been declared bankrupt or had an IVA? Proceed to step 3.

Step 2 of 3	About your mortgage
Estimated property value?   How much would you like to borrow?       Proceed to step 3.

Step 3 of 3

Your details

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100% Mortgages cover the full price of the property and possibly a bit extra to cover initial moving fees. 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 The result of this is that mortgages deemed to be of the highest risk are starting to be withdrawn from the market. With many 100% mortgage deals it is also possible to switch mortgages at a later date. The choice and rates of such mortgages have become wider and more competitive in the past few years. The sharpest increases have been among subprime mortgages, particularly those with adjustable interest rates:  About one quarter of subprime adjustable-rate mortgages are currently 90 days or more delinquent or in foreclosure. It is estimated that there are now 155 different 100% mortgages on offer, showing that there is a wealth of options available to buyers looking at this type of borrowing.

100% mortgages are beneficial if you are hoping to buy your first property but don't have a deposit. You shouldn’t take a 100 percent mortgage loan when you can afford to put 20 percent down. You will also find that dealing with a mortgage broker as apposed to a lender will, although they may find you 100% mortgages, incur a charge as a finders fee, which can range from anywhere in the region of £500.

If you wish to find 100% mortgages then please complete our short enquiry form above.