cant get 100% mortgage

1

1979

Guest
Hi everybody, can you give me advice?

My boyfriend & I are currently buying a house we applied for a 100% mortgage as we only have €11,000 savings but now they aren't giving them out unless you are in certain employment (which we aren't) we have been approved the 95% but will need to use the rest of our savings to pay the rest our mortgage broker said if we got our house valued higher we can get more money is this possible how do we go about this?

Thanks
 
I know you want to get your foot on the ladder but I have no idea why you want to take out a 100% mortgage in an enviroment when house prices are reducing! I suggest you have a re - think, save hard and get qa decent deposit together
 
Thanks I taught that was a bit funny. The house in question wont be built until mid october (or later with the pace of some builders) so by then we should have aprox another €12000 saved.
Do you think that should be enough to buy & fit out a new 3 bed house.
 
Bank of Scotland are offering 100% mortgages to any occupation until 7th march. So you will need all your documentation in and a letter of offer before the 7th. It is possible but you would need to get moving.

You must be in employment for 2 years each and permanent.
 
1979 said:
...our mortgage broker said if we got our house valued higher we can get more money is this possible how do we go about this???? thanks
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Your mortgage broker is misinformed - the mortgage will be the lower of 100% of the purchase price or the valuation.

Unless s/he's suggesting that you get a valuation that's more than the the purchase price (unlikely in today's market), lie about the purchase price and ask your solicitor to lie about the purchase price also.
 
"Do you think that should be enough to buy & fit out a new 3 bed house."

OP have you signed a contract to purchase the house already? If yes are you saying that you cannot afford it without a 100% mortgage?
 
The bank will only lend you the contract price - again why would you want 100% mortgage in this climate - negative equity is a terrible position to be in and i have no doubt you will be in that position when the time comes to move in if you go for a 100% mortgage - 12k is pleanty to get you in a position to move into a comfortable home - once you move in you can worry about expensive furnishings

You are much better off putting money towards the purchase or getting a gift from parents and repaying that over time

I am an ex broker with over 10 years experience! Take my advice - Do not take out a 100% mortgage
 
Ya I think we are going to wait for a few more months so we have enough for the deposit & furnish our new house.

Thanks everybody for yer hepl
 
Stephenkelly said:
The bank will only lend you the contract price - again why would you want 100% mortgage in this climate - negative equity is a terrible position to be in and i have no doubt you will be in that position when the time comes to move in if you go for a 100% mortgage - 12k is pleanty to get you in a position to move into a comfortable home - once you move in you can worry about expensive furnishings

You are much better off putting money towards the purchase or getting a gift from parents and repaying that over time

I am an ex broker with over 10 years experience! Take my advice - Do not take out a 100% mortgage
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I would not be as sceptical about taking out a 100% mortgage. Especially if you are getting good value for money on the property (lots of opportunities at the moment) and you expect to live in the premises for approx 5 years plus.

The current climate is more a factor in the decision to buy at all as opposed to what LTV to take.
 
Clown said:
If you were well below budget, why did you need a 100% mortgage?
And how has the price gone since?
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As well as furnish the house I want to get a new car because I will have a fairly long commute to work. The price dropped from 250k to 202K, so the EA tells me anyway
 
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