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Nice choice mortgage guide.
100% Mortgages - no deposit required
Once upon a time when a young person left school they would open a building society account and save a little money each week. So when the time came to buy a house they would arrange an appointment with the building society manager and if they were lucky, they would get a mortgage of 90 - 95% of the house value and their savings would provide the deposit.
No such financial foresight is required these days however, a buyer can see a house and buy it with a 100% mortgage and even add the legal fees and valuation fees to the mortgage. In fact even better than that, until recently it was quite literally possible to arrange mortgages up to 125% of the property value.
Not just first time buyers
Many people may want a 100% mortgage for a variety of reasons, for example if you are moving home and have no equity in your existing property, or if a divorce settlement leaves your ex wife or husband in the former matrimonial home and no cash in your bank account.
Alternatives to a 100% mortgage
There are other options available too, for example a 95% mortgage
with a
5% cash-back on completion would do the job just as well. Some property
sellers (especially new house builders) may be prepared to pay the 5%
deposit as an incentive, this however is not quite as simple as it first
appears because many lenders will not accept this arrangement, they
consider too risky, so you need to check with the lender first to see if
its acceptable.