100% mortgages

[munky]

That would be the well known shinyness that matt black paint has... duh.

[radddogg]

[Punx0r]

I dont sell f*cking drugs I'd like to think if I did I would be a tad better off than I am now

It depends how much of your stock you consume.

[618ireland]

Are they even available now?

Short story.

Bought our house 3 years ago on a 100% mortgage from Northern Rock (days before they went bust), with the housing prices plateauing and being only 3 years in there will be between £0 and £10k equity in our property. The house we want is £20k more than ours was so we will be looking at any where between 0% and 7% deposit so are there any 95 - 100% mortgages available?

For a start there is unlikely to be any equity in the house you bought aside from the negative variety. Also you will incurr fees should you sell it, auctioneer fees, solicitor fees etc. How anyone would want a 100% mortgage after the last few years astounds me. You mention he might get help from the bank of Mum and Dad, only chance really I reckon. If that does happen though you'll have to hop off the high horse and ease off the digs at Munky and Limecat

[radddogg]

If that does happen though you'll have to hop off the high horse and ease off the digs at Munky and Limecat

I don't follow?

Anyway, Munky - deserves it.

Limey - deserves even worse - its his fault!

[Punx0r]

[618ireland]

100% mortgages and the like is the fault really, not Limecat 100% mortgages offer the potential for the buyer to be in negative equity more than any other mortgages (barring 100+% mortgages which are the epiphony of fcuktardness). You (like the rest of us) are not getting any younger and I reckon that contemplating taking on a 100% mortgage when you're in your early 30s when the World's financial what nots are not too sturdy is not at all wise. I would like to think that the financial advisor would persuade you of this, however if they are at all affilliated to a mortgage provider / broker they may well not.

[radddogg]

100% mortgages and the like is the fault really, not Limecat 100% mortgages offer the potential for the buyer to be in negative equity more than any other mortgages (barring 100+% mortgages which are the epiphony of fcuktardness). You (like the rest of us) are not getting any younger and I reckon that contemplating taking on a 100% mortgage when you're in your early 30s when the World's financial what nots are not too sturdy is not at all wise. I would like to think that the financial advisor would persuade you of this, however if they are at all affilliated to a mortgage provider / broker they may well not.

How are 100% mortgages to blame for the americans mistakes? Only if they aren't repaid. The reason people require such high percent mortgages are because of the over inflation of house prices but you can blame someone else for that. We had a genuine need for a 100% mortgage at the time due to a legal fight with our previous freeholder preventing us from selling our flat. Use the search function if you want the history.

We've now had some advice and are now considering our options.

[618ireland]

How are 100% mortgages to blame for the americans mistakes? Only if they aren't repaid. The reason people require such high percent mortgages are because of the over inflation of house prices but you can blame someone else for that. We had a genuine need for a 100% mortgage at the time due to a legal fight with our previous freeholder preventing us from selling our flat. Use the search function if you want the history.

We've now had some advice and are now considering our options.

100% mortgages mean more folks able to purchase, that in itself drives up prices. People need such high percent mortgages because they don't have a deposit due to not saving enough. Traditionally 100% mortgages were only given to professionals like doctors and dentists and shockingly sometimes, public servents, ie folk who genuinely would be in paid employment all things being equal. The trouble starts when they give them and other high % ones to any f**ktard (me included, I got a 95% one years back in 2005).

The minute you buy a house with a 100% mortgage these days you are in neg equity as it will cost a few quid to sell the thing and it won't have appreciated.

Best of luck with it anyway. I wouldn't rush it though if I was you.

[radddogg]

We're looking at a lower value house and porting our current mortgage.

Personally I'd sell and rent a shitbox for two years to save a decent deposit but SWMBO doesn't want to compromise on quality of life blah blah, I mean broadband and cable is all we need surely?!

[Limecat]

100% mortgages and the like is the fault really, not Limecat 100% mortgages offer the potential for the buyer to be in negative equity more than any other mortgages (barring 100+% mortgages which are the epiphony of fcuktardness). You (like the rest of us) are not getting any younger and I reckon that contemplating taking on a 100% mortgage when you're in your early 30s when the World's financial what nots are not too sturdy is not at all wise. I would like to think that the financial advisor would persuade you of this, however if they are at all affilliated to a mortgage provider / broker they may well not.

How are 100% mortgages to blame for the americans mistakes? Only if they aren't repaid. The reason people require such high percent mortgages are because of the over inflation of house prices but you can blame someone else for that. We had a genuine need for a 100% mortgage at the time due to a legal fight with our previous freeholder preventing us from selling our flat. Use the search function if you want the history.

We've now had some advice and are now considering our options.

:pmsl: @ Americas fault. You obviously have a cracking grasp of economics - NOT. I suppose RBS/Northern Rock etc were being very prudent with lending rather than handing it out left right and centre to the dole sponging bellends trying 'yo ride the crest of the housing boom? Any idiot knows it's cyclic, the fact it was probably the longest boom cycle in modern history just makes the situation far worse.

Oh, there is absolutely sod all chance of anything beyond a 90% LTV, sit tight.

In my opinion it's still in the 'boom' part of things but as interest rates are that low a large percentage of people aren't forced to sell so i expect it to drop further but I think the next few years will be about waiting for 'value' to raise to match 'prices' rather than the price coming down to reflect true property value.

[radddogg]

:pmsl: @ Americas fault. You obviously have a cracking grasp of economics - NOT.

<Get Limey to bite>

Oh, there is absolutely sod all chance of anything beyond a 90% LTV, sit tight.

Tell that to my mortgage advisor.

Anyway we can borrow 30k more than we need to but it just ruins us financially so we are considering porting to a similar or lower value house. Its ok saying 'sit tight' and financially you may be right but some of us think there are more important things than money. Family.

We're not moving because we want a nicer house or we are bored of where we live. We love our house and the location, the only things we want to move for is to be within walking distance of all her family and for schooling for the little one. That to us is more important than saving a few k. If we downsize then we'll actually save some money, maybe we'll buy some shares!

[Cableguy]

People will ineed offer more than 90% LTV , but you pay through the teeth for it at quite an alarming rate.

80% LTV is about the highest i would be prepared to go at the moment otherwise the savings you make now by not putting a few k up front means you will be raped for that few k x at least 5 by the time you pay the additional interest.

( i know you dont have the cash radders, if you dont have it you dont have a choice, just dont get thinking that its the best way to go because they are offering it )

[radddogg]

People will ineed offer more than 90% LTV , but you pay through the teeth for it at quite an alarming rate.

Anyway we can borrow 30k more than we need to but it just ruins us financially

80% LTV is about the highest i would be prepared to go at the moment otherwise the savings you make now by not putting a few k up front means you will be raped for that few k x at least 5 by the time you pay the additional interest.

Anyway we can borrow 30k more than we need to but it just ruins us financially

( i know you dont have the cash radders, if you dont have it you dont have a choice, just dont get thinking that its the best way to go because they are offering it )

Anyway we can borrow 30k more than we need to but it just ruins us financially

If we downsize then we'll actually save some money

We're looking at a lower value house and porting our current mortgage.

Did you read any of my posts?

[radddogg]

Oh and get off RT while you're at work

[Cableguy]

Saying you can borrow 30k more than you need but it will ruin you financially does not anwyhere indicate that the problem is with the interest rate due to a massive LTV. You can borrow 30k more than you need to at a 65% LTV and it can still rape you financially.

I will stop trying to help now, being as i dont read your posts and have no valuable input.

[Limecat]

We're not moving because we want a nicer house or we are bored of where we live. We love our house and the location

I thought you lived in Scotland?

[Cableguy]

We're not moving because we want a nicer house or we are bored of where we live. We love our house and the location

I thought you lived in Scotland?

Im fairly sure you have just failed in a huge way.

[empsburna]

Are they even available now?

Short story.

Bought our house 3 years ago on a 100% mortgage from Northern Rock (days before they went bust), with the housing prices plateauing and being only 3 years in there will be between £0 and £10k equity in our property. The house we want is £20k more than ours was so we will be looking at any where between 0% and 7% deposit so are there any 95 - 100% mortgages available? Or has Limecat and his country fooked it for the lot of us?

Cheers

How many years do you want the mortgage for? Any scope for overpaying your current mortgage for 12 months? What are houses prices like locally for you? Some will give you 90% but the interest rate will mean your term is longer if you want anything near a manageable repayment.

To get any kind of decent interest rate to actually start paying some of the capital every month you would need at least 15% for a regular term mortgage.

You don't want to be spending more than a third of your income on a mortgage payment really.

[618ireland]

80% LTV is about the highest i would be prepared to go at the moment otherwise the savings you make now by not putting a few k up front means you will be raped for that few k x at least 5 by the time you pay the additional interest.

Anyway we can borrow 30k more than we need to but it just ruins us financially

( i know you dont have the cash radders, if you dont have it you dont have a choice, just dont get thinking that its the best way to go because they are offering it )

Anyway we can borrow 30k more than we need to but it just ruins us financially

:

Borrowing more than you need does not equate to having cash, also as you say ot would ruin you financially.

[Sheaf]

You don't want to be spending more than a third of your income on a mortgage payment really.

[empsburna]

You don't want to be spending more than a third of your income on a mortgage payment really.

I should have really said if you were on a variable rate.

[Sheaf]

Heh, if I'd seen the future I'd have only done 2 year fixed and I'd be on variable with payments half what I now pay.

However, I didn't, and I don't.

[618ireland]

Heh, if I'd seen the future I'd have only done 2 year fixed and I'd be on variable with payments half what I now pay.

However, I didn't, and I don't.

iirc you were told to go variable on here

[Sheaf]

The search function suggestion I never asked and was never told

I regret it now, bit it's easy in hindsight to say that. I regret a lot of things, lol. At the time nobody knew what was going to happen, the last time there was a recession the rates rose crazy amounts (and this one was caused by people having short term fixed rate mortgages and coming off them onto huge variable ones) so at the time it was sensible and logical to go fixed for a decent term.

It's just annoying as hell now.

[618ireland]

The search function suggestion I never asked and was never told

I regret it now, bit it's easy in hindsight to say that. I regret a lot of things, lol. ................................
It's just annoying as hell now.

I might see can I dig something up
With hindsight I'd have sold my flat 18 months after buying it and leased a sleazy strip club somewhere in the UK I didn't though

[Limecat]

You don't want to be spending more than a third of your income on a mortgage payment really.

It doesn't matter what your income is, only what your disposable income is.

Since all this went off there are now regulations (maybe only recommendations?) by the FSA that any mortgage can only take something like 75% of your disposable income and they actually now look into your declared earnings whilst previously that wasn't done in many cases.

[radddogg]

We're not moving because we want a nicer house or we are bored of where we live. We love our house and the location

I thought you lived in Scotland?

Im fairly sure you have just failed in a huge way.

Word

[Limecat]

Shut it you thistle brew slurping dress wearing badger!

[radddogg]

Shut it you thistle brew slurping dress wearing badger!

Ahh go eat a hamburger

[munky]

[fergy7197]

Shut it you thistle brew slurping dress wearing badger!

shut it bawbagCat!