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View Poll Results: Would you consider moving home if you could get 100% finance?

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  • Yes - I'd actively do something about it

    16 32.00%
  • Yes - I'd consider it

    9 18.00%
  • No

    25 50.00%
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Thread: 100% mortgage - Would you?

  1. #1
    Regular Member stevie16v's Avatar
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    Default 100% mortgage - Would you?

    To keep a long story boring, had my property on the market for a couple of years and not really getting anywhere, it's a 1 bed maisonette so would really suit first time buyers or young/elderly couples. Not had much interest so looking at changing agents, the agent i'm looking at does 100% finance on properties (part mortgage part loan). Question is, would you be more likely to buy a property where you could get 100% finance as opposed to having to save up for a deposit?

  2. #2
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    depends what the repayments are i suppose, i know over here in norn iron most people are trying co-ownership to purchase a home but it is still very difficult at the mo,

  3. #3
    Regular Member stevie16v's Avatar
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    They've got a similar thing here aswell Jon but it hasn't seemed very popular. The rates is 5.9% which is fixed, pretty good considering the way things are just now

  4. #4
    Full Member Leemarksmith's Avatar
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    I did as a first time buyer and that's your target audience by sounds so may be better... Not everyone has rich parents or wants to live with theirs till they save up, bought my new build semi at 18 with a 100%, sold it at 20 and made 30k

  5. #5
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    I'd never have a 100% mortagage, after my home ownership experience.

    Bought my house in 2006 for £160k, but only had to borrow £125k. Sold it in April this year for £120k. After mortgage and all fees paid off, was left with next to nothing

  6. #6
    Regular Member Даниил's Avatar
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    im 23 this country sucks i will have to live with my parents till i inherit their house!

  7. #7
    Regular Member mspvxr's Avatar
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    We are looking at a mortgage at the moment. Found the mortgage advice bureau who found us a 95% mortgage and could borrow 200k but need a guarantor as in our parents. It works out as cheaper then out rent payments now lol but the guarantor is only for 3 years. Because we have hardly any deposit im going to have to sell my st to fund it. Not ideal but needs to be done.

  8. #8
    Regular Member vectra gsi 3.2's Avatar
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    imo the 100 percent mortgage is a total no brainer........u spent the first few years paying off nothing but interest.......
    glad my days of mortgage payments are nearly finished..........biggest weight of ur shoulders is knowing it is all payed for.........

  9. #9
    Regular Member stevie16v's Avatar
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    I agree with you there having been in the situation myself previously. Fortunately I overpaid and brought it down quite a bit. But there are so many people now unable to save up the deposit so it's an incentive for them to be able to get on the property ladder

  10. #10
    Regular Member renodci's Avatar
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    Tricky one because first time buyers trying to save the sort of deposits needed nowadays is very hard. I've heard horror stories with part buy, part let deals where if you lets say own 75% of the property (with possibly a 100% mortgage on the 75% you 'own'), you only stand to benefit from 75% of any increase in the property value; whereas (from what I've been told) you are responsible for 100% of any decrease in the property value - which sounds to me like very high risk in these turbulent times.

    If you're looking for a new Agent, possibly the best indicator is to try and gauge how many properties similar to yours they're selling - ie: look out for 'Sold' boards. Some Agents have a reputation for targeting the first time buyer segment of the market.

    It's also tempting (as I always have done) to nail the Agent down to the lowest possible sale fee; but of course that may count against you if they can say, get 2% commission from selling one property, but perhaps only 1% on yours - which are they going to push hardest?

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