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Major United Kingdom lending institution Abbey Mortgages has once again stated its position that deposits for house mortgages will not decrease to a level below 10%. Even the most financially secure clients are being refused 5% down loans. This is in no way due to the financial status of borrower. Actually most bank customers currently [...]
It is hard to believe that just two years ago house prices were zooming upward and attaining financing for home purchases was a simple matter. Credit was loose and mortgages were so available that lenders such as Abbey mortgages offered what amounted to 100% loans. These 100% mortgages allowed buyers to purchase homes paying absolutely [...]
The recent economic downturn has made banks around the world tighten their grip on lending. If anyone wishes to purchase a new house today they had better plan on scrounging up at least a ten percent deposit. The days of 100% mortgages are gone forever. No doubt as financial instruments tied to indexes raised rates [...]
100% mortgages used to be one of the most popular home loans, due to many first time buyers seeking a loan for 100% – or even 100% of the value of their property. This was usually to allow buyers to afford new furniture, cover solicitors fees etc.
100% mortgages have always been viewed as a high risk mortgage, when [...]
Until very recently, 100% mortgages were more than common. Given house prices in the UK, most first time buyers, typically young couples, would be looking to 100% or even 110% mortgages that would allow them to purchase their desired property and be able to do any necessary renovations or buy the white goods many of [...]
Although now defunct, 100% mortgages used to be popular with 1st time buyers, offering a loan for the complete value of the property. Mortgage repayment rates for 100% mortgages tended to be higher than pretty much all other mortgages, but borrowers were made to understand that this was due, in part, to the extra risk [...]
