100% mortgages

[luban]

Hi, i am just wondering if anybody can give me information on 100% mortages? Where is the best place to go and do you have to have 10% of your deposit in the bank already to be eligible for one?
Luban

 

[ClubMan]

Where is the best place to go

The correct forum for a start.



I had to move this from Index/How to use Askaboutmoney/Suggestions to Mortgages and Home Buying.

The Indo has some useful 100% mortgage articles that might be worth checking (free registration required).

 

[shoppergal]

Hi Luban,

A number of banks are now doing 100% mortgages. The best thing to do is probably have a look on the different websites and see what rates each one is offering.

Personally we're going for a 100% mortgage with Permanent TSB. We didn't have a 10% deposit(if we had we wouldn't have been looking for a 100% mortgage)

Good luck with it.

Shoppergal.

 

[Petal]

Luban, what you need to have is the funds for stamp duty, solicitor's fees and outlays, surveys and booking deposit (usually around 5K ,but negotiable). The 10% contract deposit you can get from most 100% lenders in form of a personal loan that gets cleared once the mortgage is drawn down. Almost all the banks now offer 100% mortgages, they vary in rates and options like loan term, etc. [broken link removed] gives a good overview of the various lending criteria and options, whereas www.primafinance.ie has pretty much up to date rates for allmost all the banks on available on their webpage. If you'd like to avoid doing all the chasing and checking yourself, I'd recommend you contact a broker, like REA or primafinance, who will do all this for you. These two brokers also offer reduced cost legal fees, which might be of interest. Good luck.