100% Mortgages

[Fridge1]

HI,

I would like to buy a house or apartment in Dublin. This is possible with a 100% mortgage, and this is my only option because I don't have the money for the deposit. However I feel there must be some catch to these types of mortgages versus the type where you stump up a deposit of 10% of the house value. Can someone tell me if they are safe to go with or should I save until I have the deposit??

Fridge.

 

[ClubMan]

Have you searched for existing threads on 100% mortgages?

How much do you (and any other joint buyers) earn? What sort of price range are you looking at?

 

[Satanta]

However I feel there must be some catch to these types of mortgages versus the type where you stump up a deposit of 10% of the house value. Can someone tell me if they are safe to go with or should I save until I have the deposit??

They are "safe", your just paying a higher % in order to be given the 100%.

Have a look through the key posts and you'll see that the best value deals on rates for a 100% mortgage are far higher than those for the lower LTV rates. Whether you feel your better off saving on the increased interest and waiting it out until you have the deposit saved (depends on your views of your outgoings during that time [if paying rent], the current state of the property market etc etc) or taking the jump now with the 100% mortgage is a question only you can answer.