100% mortgages
A 100% mortgage loan covers the full value of a property, without the need to put down a deposit.
A 100% mortgage is very popular particularly among first time buyers wishing to get a foot on the property ladder but who do not have a deposit available. While you'll pay more each month in interest you're able to buy a home sooner rather then later.
100% mortgage borrowing is sometimes available to applicants with a poor credit history. Previously unavailable, these mortgages now offer you the chance to purchase a property or remortgage at 100% borrowing even if you have adverse credit, for example have missed mortgage payments in the past.
The 100% mortgage is not suitable for everybody's needs and in a falling property market you may end up owing more than your house is worth – the dreaded "Negative Equity". You should always seek expert advice from an independent mortgage broker before deciding on which type of mortgage is most suitable for your needs.