100% Mortgage now Available – For First Time or Subsequent Buyers
I now can help with 100% Mortgages but before you click reply – please read on as the criteria is understandably quite prohibitive.
The product is aimed at applicants whose parents are willing to help but do not want to part with any cash (i.e. a deposit) in the process.
How the product works
You will receive a 100% mortgage. The lender will spread the security of the loan over your property (75%) and your parent’s home (25%). The aim is to release the parent’s charge after ten years which is achievable as property values are likely to increase and the loan will be less as you would have made repayments.
Qualification
- Applicant’s income must support the full loan on a repayment basis.
- The parent’s income and status will also be assessed.
- The parent’s must be aged 59 or below and have a mortgage 50% or less on their home.
- The parent’s cannot have more than one mortgage on their residential home. If they another secured loan charge we cannot help.
Will I need any money?
- There will be a valuation fee and £299 booking fee. The lender will also deduct £999 from the advance on completion.
- You will need to consider all the standard moving costs.
Affordable Life Insurance quotes
The sooner you have Life Insurance the cheaper it will be. I have access to a large panel of providers who can cover you for all types of insurances for your needs. I know everyone thinks they are invincible but we all have to go eventually, and without adequate protection your family may have to change their lifestyles significantly.
I can give you a free life insurance quote in a matter of minutes, and some polices can start from a just a few pounds a month, better yet my advice and recommendation for this service is FREE of charge.
Dont forget you can always call me on 020 7993 2044 or email on info@nicheadvice.co.uk.
Payam Azadi
Niche Advice Limited
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
