95%-100% MORTGAGES PROPERTY PLUS MORTGAGES

For the time being Mortgage lenders have stopped offering over 100% mortgages, It is unlikey that we shall see mortgage in excess of 100% for some time.

Our Best Buys 95%, 96%, 97% and 98% Mortgages

The product is fixed for either 3or 5 years with no penalties beyond the fixed rate.
the product allows for early part repayment with cost and carries £499 fee.

Currency	Rate	Type	Period	LTV	Fees	ERP	Notes: June 2008
GBP	7.39%	Fixed	3yrs	100%	£499	5%*	A mortgage that offers First Time buyers to take their first step onto the property ladder.
GBP	7.39%	Fixed	5yrs	100%	$499	5%*	It uses the main earning parent's income as the primary source and the main child's income as the secondary source, either on a joint or +1 basis.
GBP	7.19%	Fixed	3yrs	95%	£499	5%*	Up to 4.5x sole income, 4x joint income

 

If you were on a tight budget you needed a 95% mortgage a loan for the full purchase price of the property, limited lenders accomadated this , with nervousness and lack of funds made it impossible for them to opperate at this high level of risk and exposure.

We were also able to assist those buyers looking at getting mortgages of 95% of the property value or purchase price.

The problem was that your choices were always limited. Few lenders offered 95% + mortgages and the ones that did charge a higher interest rate than they would for loans covering a lower percentage of the purchase price. Some lenders had even started to offer much less than 100% of the property value.

You will also find that as well as having to pay a higher interest rate, you will be charged a bigger mortgage indemnity guarantee (MIG) premium than if you put some of your own cash towards the purchase price. However, to help cashflow, most lenders will allow you to add the MIG to your mortgage. Bear in mind this means you will be paying interest on the MIG for many years.

If you are borrowing the maximum, you should look at fixed or capped interest rate mortgages, since these buy valuable protection against rising interest rates.

Pros

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

Cons

Lack of choice Few lenders offer them

High interest rates

 

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