Should I go for a 100% mortgage?

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Should I Go For A 100% Mortgage?

Going for a 100% mortgage is an option if you cannot afford a deposit but want to get your own home. But remember that the more you borrow the higher the interest payments and monthly payments will be for your mortgage. How ever having a deposit will open doors for more options in terms of mortgages, and will also let you avoid the mortgage indemnity guarantee. In order for you to apply for a 100% mortgage you will need to have a good credit score. It is advisible to check your credit score before you make an application for the mortgage, this can be done through a credit agency such as Experian. If you find any anomalies on your credit rating, these should be attended to before making the application. You will also need to ensure that your income is sufficient to cover the mortgage lenders income multiples, otherwise you will not be able to borrow the required amount. If you do not have enough to put down as a deposit it may be worth while borrowing form a relative, which would be much cheaper in the long run for you than borrowing more from the lender.

First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

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