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100% Mortgage
We have access to schemes that may enable you to:-
Borrow 100% of the purchase price - once only offered by a handful of
lenders, 100% loans are now widely available, subject to status
Add solicitor’s fees and stamp duty to your loan - some lenders cover the
price of the property in its entirety plus a bit more to cover fees -
stamp duty, moving costs and so on - all of which may be added on to the
loan repayments
Consolidate your existing debts into one loan at the same rate as the
mortgage – with a total borrowing of up to 125% of the property value.
Please note:
You are likely to be charged a higher interest rate for this type of mortgage, although if the value of your property increases you could be better off financially and switch to a more favourable rate in the future.
This form of debt consolidation will invariably reduce your monthly expenditure in the short term, but it is also likely, over the whole term of a mortgage, to result in a higher total charge for credit.
Clients considering applying for mortgages representing 100% or more of
the value of the property should be confident they can afford the
repayments in the long term. Purchasing your own home is likely to involve
an increase in your monthly expenditure.
Think carefully before securing other debts against your home. Your home
may be repossessed if you do not keep up repayments on your mortgage.
Transferring unsecured loans to a secured loan (i.e. a mortgage) may
increase the risk of your home being repossessed in the event of a failure
to maintain mortgage repayments.
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