100% Mortgage
A 100% Mortgage is a mortgage where you can borrow 100% of the value of the property you are moving into. You may still have to pay valuation and arrangements fees which will vary depending on the lender.
Looking for a way onto the property ladder, but only have money for the stamp duty and moving costs? Then maybe a 100% Mortgage is the right one for you. With so many major lenders offering 100% Mortgages, including Natwest and Abbey National, you should be able to have plenty of options available to you, including Fixed Rate and Tracker Mortgages.
Advantages:
- You do not need to save for a deposit, or you can use your savings to help with furnishing your new home.
- You instantly get onto the property ladder.
Disadvantages:
- Many mortgage deals require at least a 10% deposit, and so these will not be available to you.
- You have to pay HLC to many lenders as you are borrowing more than 90% LTV.
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