Can I get a 100% Mortgage?

C

colly

Registered User
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I know 100% Mortgages are for first time buyers, but is is just the first house you live in, or strictly the first house you buy full stop? I bought an apartment a few years ago but strictly as an investment, and I paid stamp duty on it. Does anyone know if I can still claim my first time buyers benefits on the next purchase, say if I buy a new property etc?

Are there any banks that do 100% mortgages for non forst time buyers?
Thanks
 
I think if the proposal is good enough any bank will look at 100% for nonFTB's. especially if you were willing to give them the additional security of the Investment property (ie. swtich existing mortgage to them) that way the overall loan to value is lowered.
 
Before the current trend of FTB 100% mortgages Ulster bank was offering certain professions 100 % mortgages eg. doctors, solicitors, accountants. Dont know if they still do......
 
Yes, unfortunately I don't have a "Professional" job - I work in IT sales...
 
UB can be a bit snobbery!!!

I personally think that second/third time buyers should be allowed 100% mortgages. Chances are more likely to be able to repay it and have a track record of making mortgage repayments......
We got our first mortgage with BOI over 35 years. When we applied for our second mortgage we where told only FTBs can spread the life of the mortgage over 35yrs, we had to accept 30yrs!!! Another disadvantage to loyal customers!!!
 
Snobbery has nothing to do with it-it's about ability to repay.

Second time buyers should not be looking for 100% mortgages or longer than average terms.

Believe it or not, banks are doing people a favour by having lending criteria as outlined above.
 
Sorry....I was being flippant with the 'snobbery' remark. But I still think that 35 years shouldnt only be for FTB's.....I am under 30 and will be (fingersX) in gainful employment for the next 35 years min. So why not take some of the pressure off in the early years of a new mortgage and increase my payments in time to come when my earnings increase.
 
If you still have the apartment you could release equity to fund the 8% -10% required. I can't see any lender giving you 100% finance as strictly speaking you are not actually a FTB and they are not inclined to bend the rules with 100% mortgages.
 
Bank of Scotland lend up to 95% for non FTB and will do a 40 year term as long as the mortgage is repaid by age 65. In response to Colly's original post - no, you are no longer a FTB and therefore will not be able to benefit from reduced Stamp Duty or FTB tax relief.

Sarah

www.rea.ie
 
Yes hopefully I can do that. ITs a 2 bed apartment in a nice little complex in Wexford. I bought it for 120k in feb 2004. A Year later I borrowed another 10k off it. So the mortgage is 130k, I'd hope its worth about 160k by now but I'm not sure. I'm getting 625 a month on rent. The last mortgage payment (30 year on variable) was about 520, but I think this is due to go up again. I'm thinking of switching to Interest Only, plus i need to get off the variable and on to a better rate fixed.
 
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