100% Mortgages, 95% Mortgages, can I get one?
2007-02-14 11:48:57 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes and you wont necessarily pay through the nose. I borrowed about 110% to pay my solicitors fees etc, i was a first time buyer and the rate is fixed at 5.69% with Northern Rock. Rate is fixed for 5 years but i can sell or re-mortgage after 3. A 5 year fixed may sound a long time but considering you cant trust the Bank of England as far as you can throw them with regards to interest rates im quite happy knowing my rate is safe. I think i got a good deal. This was last year.
2007-02-15 00:44:46 · answer #1 · answered by rose 3 · 0⤊ 0⤋
The mortgage you will be offered will depend on your credit history. If you have a really good credit score and can afford the payment, you can likely get a 100% loan. If you have some questionable actions, then you'll be offered a 95% or less, with the expectation that you will be the other portion (5% or more) to the closing table. Mortgage brokers are quite adept at even finding a way to have the 5% paid on your behalf.
2007-02-14 12:00:19 · answer #2 · answered by Venita Peyton 6 · 0⤊ 1⤋
It depends on your credit. This is really to vague of a question to be answered correctly. What is your credit score, how long do you have in your present job? How much do you make? What is your debt to income? The bottom line is that some people can, and some people can't. I have gotten people loans on new home purchases for up to 125% of the value of the property. The interest rate is usually higher, the more you borrow against the value of the home. You can also do an 80 - 20 split, which will give you a first and a second mortgage.That is risky, but if you want to do it that bad, it is not that hard. Getting a house is easy, the hard part is keeping it.
2007-02-22 09:56:37 · answer #3 · answered by Brett M 1 · 0⤊ 0⤋
You will only be able to have a mortgage if you have the means to pay it back over a given time
2007-02-20 06:40:49 · answer #4 · answered by Mick 4 · 0⤊ 0⤋
I got a 100% mortgage and I will be paying more than double for the 30yr 6.5% fixed apr loan
2007-02-20 14:57:31 · answer #5 · answered by Amber D 1 · 0⤊ 0⤋
I'm sure that the lenders will give you one, but get professional advice first, doesn't matter about the cost, as this will be the biggest buy that you will ever make, so make sure it's the right mortgage for you!
2007-02-14 11:56:54 · answer #6 · answered by Greybeard 7 · 0⤊ 0⤋
They are available to people, depending on credit and ability to prove that you are willing to and able to re-pay.
FHA does 3% buyer funds, sub-prime and Alt-A loans do 100%, 95% is all over the place.
2007-02-21 08:50:27 · answer #7 · answered by walkinandrockin 3 · 0⤊ 0⤋
Maybe, you'll pay through the nose for interest and mortgage premium insurance
2007-02-14 11:56:15 · answer #8 · answered by Pedro Sanchez 5 · 0⤊ 0⤋
I,m going though same thing as you good credit i guess
2007-02-15 07:16:31 · answer #9 · answered by pattibcacl 6 · 0⤊ 0⤋
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2007-02-14 14:43:34 · answer #10 · answered by ron d 3 · 0⤊ 0⤋