A 100% Mortgage is exactly what it says it is, a mortgage for the full value of your new home, with no deposit required. In the past, mortgage lenders usually insisted upon a deposit of some level before lending on a property, but in recent years lenders have developed a wide range of 100% mortgages for homebuyers.
This is a particularly popular mortgage choice for first time buyers, and is designed specifically for individuals who wish to get onto the property ladder but are unable to afford, or prefer not to pay a deposit. Many lenders offer 100% mortgages, with some even offering a 125% mortgage to allow you some extra money to spend on your new home
A mortgage lender will normally consider a (Northern Ireland, England, Wales & Scotland) 100% mortgage to be more of a risk to them as a lender, so typically the rates of interest will be slightly higher to reflect this.
Most lenders will also require the applicants to have a good credit history; this is confidentially checked by the lender upon application so there is no need for you to obtain this information before-hand.
With a whole of market choice, Mortgage IQ is the best independent mortgage broker to source your 100% Mortgage in Northern Ireland, England or anywhere in the Uk.
To find out more, speak to one of our expert advisors, we are more than happy to help you explore your options. Contact us here.
100% mortgages for homebuyers, 100% financing, bad credit mortgage
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