100% Mortgages
Ten years ago most lenders required you to have a deposit of 10% or more
before they would consider you for a mortgage. However, over the past few
years more and more lenders have been willing to grant a mortgage with a
deposit of just 5%.
Today things have moved on further still, and there are many lenders
who are willing to allow people to borrow up to the full value of the property,
and sometimes more.
Whilst 100% mortgages have many advantages, there is also a downside.
100% mortgages are usually granted to first time buyers and their attraction
is obvious, especially to those who find that house prices rise quicker than
they can save a sufficient deposit.
