100% mortgages
| Related: | Personal Finance•Money•Mortgages |
I have found the 100% mortgage section on this site and enquired to RBS about the one listed for them. They state that they don't offer them and only offer 90% mortgages. Has anyone else had any luck getting them?
Responses (2)
I think you're looking at mortgages for existing customers, i.e. people with an RBS mortgage who are in negative equity but want a fixed rate etc.
The only 100% mortgage that I've seen recently is from Aldemore.
Ah, I see. Thanks Pete, understood.
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thats the only one I know of too, and good job too, not a good idea as far as I'm concerned though i do understand why people would want them
The 100% mortgage from Aldemore is not a 100% deal, it is a 75% deal with the additional 25% being a secured further advance on a close relative's own property and guarantored by them. Anyone could facilitate this with the agreement of the close relative. It is clever packaging and actually puts at risk two properties in the event of default. It is not popular with professional intermediaries for that very reason.
Thanks everyone. Is there any other way around it? I already own a flat which is being let out and the mortgage is covered. Unfortunately there isn't enough equity in the flat to take out for a second deposit. We are currently living with parents, but would like to get our own place. We have only started saving and we are a good year off achieving our target.