100% Mortgages are available up to £200,000 for Glasgow residents or those that work in Glasgow Postcodes. If you are just outside Glasgow we maybe able to help you with a 100% Mortgage,call us to discuss.

How Much Can I Borrow Under the 100% Mortgage Scheme?

The Lender will consider up to 4 x your Gross Income if Employed and 4 x Net Profit if Self Employed. The lender will also consider lifetime benefits( the need to be payable in addition to employed or self employed income and for the full term of the Mortgage).

The maximum term of the Mortgage must not exceed 25 years.The lender does not credit score but will carryout a credit search in all instances. For a 100% Mortgage, your credit history needs to be excellent. If you have had any credit issues in the past it is unlikely you will be accepted for 100% lending

The lender will( as will all lenders) lend on the lower of the purchase price or Home Report value.

How Can A 100% Mortgage Help You?

The first way it can be of help, is if you have no deposit at all.

For example say you see a property with a Home Report value of £140,000. The seller agrees to sell the property to you for £140,000.This means subject to you been accepted for a 100% Mortgage, you could make them the full offer of £140,000 without the need to put ant deposit down.

Using the above example again, say the seller agreed to sell the property to you for £138,000( £2000 below Home Report Value) the lender would lend 100% of the purchase price  £138,000 in this instance. Remember it is always 100% of the lower of the purchase price or valuation.

What if the seller want more than the valuation( home report value)? If we use the above example again, the Home Report value is £140,000 as above. This time the seller wants £145,000. In this case the lender would lend £140,000( 100% of the valuation) and you the buyer would need to fund the shortfall of £5000.

At time of writing this post the market is still strong, so offers over the Home Report value is common. A 100% Mortgage in this case will give you a better chance if you have some funds to put down.

Summary.

100% Mortgages are available up to £200,000 for G Postcode residents and those working in G Postcodes( the lender may make exceptions if you are just outside G Postcode area)

100 % Mortgages should give those with no Deposit a chance of Home Ownership and those with some deposit a better chance when it comes to offers over.

If you would like to discuss your options, then give us a call now or use the Call Me Back Button.

Michael MarkeyMortgage Adviser

CeMap, CeRER