How do i get a 100% mortgage?

How can I get a 100% mortgage or where can I find out about the 100 year mortgage, the one where your parents or relatives can just pay the interest and then you take over the mortgage when they pass away. thanks.

12 Answers

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  • 1 decade ago
    Best Answer

    Talk to a mortgage advisor at any estate agents. They scan a computer with over 33,000 mortgages on it to find the best one for you. Northern Rock do a 100% they told me.

    Good luck, be sure you know what you're doing!

  • 1 decade ago

    Go to a Mortgage adviser, they will be able to get you the best 100% Mortgage there is. Beware though, a lot of companies offering 100% mortgages charge more interest on any money borrowed over 80% of the property's value. For example a house worth £120000, the first £96000 would be charged at standard interest (about 6.5%). The remaining £24000 is charged an A LOT more!! You end up paying back near double the property's value!!

  • jacg
    Lv 5
    1 decade ago

    You will be best off speaking to an independent financial broker about this, one where you do not have to pay a fee to them up front for their advice and where they are able to look at all the mortgages available to come up with the best one for you in your circumstances, not one which is tied to a particular mortgage company.

    Remember not to overstretch yourself though. 100% mortgages are OK if the property you want to buy is in good condition but are usually unavailable if you want to buy somewhere that needs to be done up first. You will also get a better interest rate if you can put down some deposit, even 5% is better than none.

    You will need to think carefully about the type of mortgage to go for and how you are going to cover the repayments if you are ill or made redundant.

  • Anonymous
    1 decade ago

    You can apply with any Mortgage Broker or Banker for a 100% mortgage. Make sure you choose an experienced Loan Officer and check references.

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  • 1 decade ago

    Get a conventional 80/20 mortgage and then get a second mortgage for the 20%. You'll have to pay a higher interest rate on the second loan but you'll avoid PMI.

  • 3 years ago

    The loan you would be provided will count on your credit history. in case you have an exceedingly stable credit and can arise with the money for the value, you could possibly get a a hundred% loan. in case you have some questionable strikes, then you definately would be provided a ninety 5% or much less, with the expectancy which you would be the different element (5% or extra) to the final table. loan brokers are particularly adept at even looking a thank you to have the 5% paid on your behalf.

  • 1 decade ago

    speak to an IFA or mortgage broker

  • 1 decade ago

    I am sorry, my friend, there is no such thing. Most companies expect at least 25% or 33% deposit down first before supplying the rest. Most people ask their parents for this deposit, can you?

  • Anonymous
    1 decade ago

    There is some useful advice here.

  • 1 decade ago

    Pray!

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