100% Mortgages

S

Skeptic Jim

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Bank of Scotland doesn't offer Bridging loans for 100% mortgages (so I discovered after wasting a lot of time).

I think i'm missing something here because this doesn't make any sense. It seems to me that if I want a 100% mortgage for say a 300k mortgage, I have to save 30K because I have to come up with the booking deposit.

For a 92% mortgage I only have to save 24K because then I can get a bridging loan.

What on earth is the benefit to getting a 100% mortgage and are there any Irish banks offering 100% mortgages with bridging loans?
 
PTSB, ICS, Ulster Bank and First Active all offer 100% for first time buyers with the option of drawing down the 10% deposit prior to completion. EBS offer it for professionals and civil servants only. Bank of Scotland lend a maximum of 95% to either first or subsequent purchasers.

A bridging loan assumes you have a property to sell and therefore need to "bridge" the gap whilst the first property is sold. I presume this isn't the case here?

Sarah

www.rea.ie
 
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Thanks. I'll look into some of those. I disregarded a number of banks because their idea of a 100% mortgage is them providing a personal loan to cover the deposit.

FYI BOS definitely do have 100% mortgages.
 
Sometimes if you ask the vendor, they will waiver the necessity of a 10% booking deposit. That happened us, we couldnt come up with the 32,500 euro so our vendor solicitor decided they didnt require it and allowed us to continue with the sale until the final checque was drawn down to the full amount of 325000 euro.

It cant hurt to ask?!

EBS offer bridging loans but they do it through GE capital and it can be expensive, they offered this service to us which is what prompted us to approach the vendor through our solicitor.

best of luck.
 
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