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28 May 2024

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100 Percent Mortgages Explained

100 Percent Mortgage

100 % mortgages are a loan for the full purchase price of the property.

The problem is that your choices are limited. Few lenders offer 100 percent mortgages and the ones that do offer 100 percent mortgages charge a higher interest rate than they would for a mortgage covering a lower percentage of the purchase price. i.e. 95%

There are now some mortgage lenders that offer 100 percent mortgages without charging a mortgage indemnity guarantee premium. These 100 percent mortgage lenders also can lend higher than standard income multipliers, however their interest rates for these 100 percent mortgages are again higher than a 95% mortgage.

If you are borrowing the maximum 100 percent mortgage, you should consider a fixed or capped interest rate mortgages, since these buy valuable protection against the risk of rising mortgage interest rates.

Pros and Cons of of 100 % Mortgages

Advantages

  • You can buy a home if you have very little spare cash

Disadvantages

  • Lack of choice – Few mortgage lenders offer 100% mortgages
  • Higher interest rates compared to mortgages with a deposit
  • High mortgage set up costs as many 100% mortgage lenders charge a higher lending charge

Do you want fee free 100% mortgage advice?

For 100 percent mortgage or remortgage advise please feel free to contact us for independent mortgage advice from a professional mortgage advisor.

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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349

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