Batch
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« Reply #15 on: Thursday, September 22, 2011, 14:47:21 » |
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Obviously just my opinion, not to be taken as advice  Are you a mortgage advisor?! |
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Samdy Gray
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« Reply #16 on: Thursday, September 22, 2011, 14:51:15 » |
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No, hence the "not to be taken as advice bit". Don't fancy getting reprimanded by the FSA before I've even started Will be qualified to be soon though (along with other areas of financial advice). |
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« Reply #17 on: Thursday, September 22, 2011, 15:22:07 » |
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No, hence the "not to be taken as advice bit". Don't fancy getting reprimanded by the FSA before I've even started What I meant was I'm sure mortgage advisor reports have similar disclaimers just in case they advise badly. |
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Samdy Gray
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« Reply #18 on: Thursday, September 22, 2011, 17:16:37 » |
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If a mortgage adviser gave you a report that said "not to be taken as advice" I'd be extremely worried.
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Only Me
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« Reply #19 on: Thursday, September 22, 2011, 20:44:23 » |
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What I meant was I'm sure mortgage advisor reports have similar disclaimers just in case they advise badly.
Always research the market. A mortgage advisor will give you the best advice, as long as it gives him the best commission. Beware !!! |
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Samdy Gray
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« Reply #20 on: Thursday, September 22, 2011, 22:02:58 » |
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Typical cynical view of the profession. We are not all rogues. They just ruin it for the rest of us.
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walrus
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« Reply #21 on: Friday, September 23, 2011, 12:18:28 » |
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Do 100% mortgages exist? If not, why not?
I live in a part buy/part rent property, but currently only rent. Desperate to buy but very difficult to save a deposit to start chunking off a mortgage. Any options, other than hold my work to ransom for a pay-rise?
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« Reply #22 on: Friday, September 23, 2011, 12:24:46 » |
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Do 100% mortgages exist? If not, why not?
Banks seem a little reticent to be stitched up with large debts people can't pay. Can't imagine why  |
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Samdy Gray
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« Reply #23 on: Friday, September 23, 2011, 12:25:11 » |
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No, because they are such high risk to lenders. Northern Rock were the biggest provider of 100% mortgages and look what happened to them.
If you have never had a mortgage before then there are schemes designed to help first time buyers.
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@MacPhlea
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« Reply #24 on: Friday, September 23, 2011, 12:28:25 » |
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Do 100% mortgages exist? If not, why not?
I live in a part buy/part rent property, but currently only rent. Desperate to buy but very difficult to save a deposit to start chunking off a mortgage. Any options, other than hold my work to ransom for a pay-rise?
I heard one announced on the radio the other day but the catch was that the buyers parents had to underwrite it with a charge put on their property as well... Don't think I'd be too happy if I lost my house as a result of my kid not paying their mortgage... |
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nevillew
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« Reply #25 on: Friday, September 23, 2011, 12:33:03 » |
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100% mortgages are fine (theoretically if not morally) in times of property value increases, because if the borrowers overstretch themselves and default, the mortgage company will recover its loan.
However this becomes a big risk in
a) dodgy employment conditions where chance of default is higher, and
b) falling house values mean repossession will not yield enough to cover the loan
I believe in some cases prior to the 2008 crisis, Northern Rock were lending 125% (may be wrong)
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Paolo Di Canio, it's Paolo Di Canio
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Bewster
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We fucking love you Gumbo!
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« Reply #26 on: Friday, September 23, 2011, 12:38:07 » |
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If you have never had a mortgage before then there are schemes designed to help first time buyers.
Yes - pretend you are from eastern europe. |
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Samdy Gray
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« Reply #27 on: Friday, September 23, 2011, 12:41:53 » |
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I believe in some cases prior to the 2008 crisis, Northern Rock were lending 125% (may be wrong)
You are correct. They were giving 100% mortgages and then up to a further 25% as a secured loan. |
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jayohaitchenn
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« Reply #28 on: Friday, September 23, 2011, 13:09:04 » |
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I got 110% from NR. Would never advise it to anyone.
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walrus
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« Reply #29 on: Friday, September 23, 2011, 13:29:51 » |
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What schemes? It seems to me other than part-rent/part-buy there's very little out there for first time buyers. The market suits the very poor, those up the duff and the very rich. Anyone in the middle is a bit fucked....
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