100% Mortgages?

[spaceship]

Will they return soon or are they a long way off yet?

Seen a few 90%'s popping up lately though the rates aren't anything to shout about. Me and OH are saving like mad but any sort of decent deposit is a long way off yet. Pity, as we both earn decent wage and can afford our rent without issue.

[deevlash]

< feels slightly smug he got a 100% mortgage on 1% above base 4 years ago...

[flyingjase]

More chance of stting in the Queens handbag I'd say

But then what do I know.......

[Hobo]

Decent rates are still 80%, however there are some 85/90% mortgages around that might be worth looking at if you don't intend moving (as redemption charges on them are very high).

Think 100% mortgages are a long way off yet, but I suspect will be back at some point.

[scotal]

I don't think we'll say 100% for a while. I'm sure the lenders will be under quiet pressure not to reintroduce them. (They also don't want the risk)
Agian when they do come back the rates will most likley be eye-watering.

[TomBoo]

95% mortgages are currently availlable @ 3.79% .......

[scirocco265]

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

surely that can't be right? who's offering that??!

[scotal]

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

Nationwide?


BTW there are 100% mortgages available to existing borrowers, which if you are an FTB you wont fit. Equally there is one lender who will do 100% for FTB's but that is only available to people who have an existing savings account with that lender.

Edited by scotal on Friday 5th March 09:12

[TomBoo]

scotal said:

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

Nationwide?

Yes Nationwide Alex.

Plus I'm sure you know there are also a few other lenders who will do 95% for existing clients on SVR which are currently very good.

[W66OCH]

What happens to people coming to the end of a fixed rate that are in negative equity? presumably they sit on the banks SVR until they can beg/borrow/save themseves out of the "red" so to speak... or can they get another fix?

[spaceship]

scotal said:

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

Nationwide?


BTW there are 100% mortgages available to existing borrowers, which if you are an FTB you wont fit. Equally there is one lender who will do 100% for FTB's but that is only available to people who have an existing savings account with that lender.

Edited by scotal on Friday 5th March 09:12

Who would that be then?

[scotal]

W66OCH said:

What happens to people coming to the end of a fixed rate that are in negative equity? presumably they sit on the banks SVR until they can beg/borrow/save themseves out of the "red" so to speak... or can they get another fix?

Depends on their lender. They won't be moving lender at the moment though.

[scotal]

spaceship said:

scotal said:

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

Nationwide?


BTW there are 100% mortgages available to existing borrowers, which if you are an FTB you wont fit. Equally there is one lender who will do 100% for FTB's but that is only available to people who have an existing savings account with that lender.

Edited by scotal on Friday 5th March 09:12

Who would that be then?

The Tipton BS.

[TomBoo]

W66OCH said:

What happens to people coming to the end of a fixed rate that are in negative equity? presumably they sit on the banks SVR until they can beg/borrow/save themseves out of the "red" so to speak... or can they get another fix?

They can often get another fix or deal with the same lender, because lenders rarely ask for income details on product switches, unless you are borrowing more.

But, you have to remember that reverting to SVR isn't at the moment as disastrous as some may think, and in many cases will prove more beneficial than taking out a fresh deal.

As always, it will depend on the individual lender, so either speak to your lender, or ask a qualified mortgage adviser to do so for you.

[spaceship]

scotal said:

spaceship said:

scotal said:

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

Nationwide?


BTW there are 100% mortgages available to existing borrowers, which if you are an FTB you wont fit. Equally there is one lender who will do 100% for FTB's but that is only available to people who have an existing savings account with that lender.

Edited by scotal on Friday 5th March 09:12

Who would that be then?

The Tipton BS.

Cheers for that, will need to check out their site. Or is it a in-branch deal only. Couldn't see the 95% deal on the Nationwide site.

[Manks]

spaceship said:

scotal said:

spaceship said:

scotal said:

TomBoo said:

95% mortgages are currently availlable @ 3.79% .......

Nationwide?


BTW there are 100% mortgages available to existing borrowers, which if you are an FTB you wont fit. Equally there is one lender who will do 100% for FTB's but that is only available to people who have an existing savings account with that lender.

Edited by scotal on Friday 5th March 09:12

Who would that be then?

The Tipton BS.

Cheers for that, will need to check out their site. Or is it a in-branch deal only. Couldn't see the 95% deal on the Nationwide site.

The Tipton & Coseley Building Society?

They sound like the sort of outfit that will want to see your family tree going back to William the Conqueror, twenty years payslips and a reference from the chairman of the Rotary Club.

Manks

[Sideways Rich]

Is the Nationwide 95% offer at 3.79% only available through brokers, a quick cursory scan of their website didn't reveal it? Thanks

[scotal]

Sideways Rich said:

Is the Nationwide 95% offer at 3.79% only available through brokers, a quick cursory scan of their website didn't reveal it? Thanks

No its only available to exisitng borrowers.

[scotal]

Manks said:

The Tipton & Coseley Building Society?

They sound like the sort of outfit that will want to see your family tree going back to William the Conqueror, twenty years payslips and a reference from the chairman of the Rotary Club.

Manks

That's them.
However if you don;t live in their area (West midlands) you can forget it. Local lending for local people.

[W66OCH]

TomBoo said:

W66OCH said:

What happens to people coming to the end of a fixed rate that are in negative equity? presumably they sit on the banks SVR until they can beg/borrow/save themseves out of the "red" so to speak... or can they get another fix?

They can often get another fix or deal with the same lender, because lenders rarely ask for income details on product switches, unless you are borrowing more.

But, you have to remember that reverting to SVR isn't at the moment as disastrous as some may think, and in many cases will prove more beneficial than taking out a fresh deal.

As always, it will depend on the individual lender, so either speak to your lender, or ask a qualified mortgage adviser to do so for you.

Not for me (honest!) a couple of friends bought at the top of the market and will be at the end of their fixed rate shortly, cue negative equity but they dont want to move so shouldnt be a problem (yet).

They have just bought a newer car whereas I would personally be spending that extra cash on reducing the mortgage.