100% Mortgages for First Time Buyers
100% Mortgages for First Time Buyers
100% mortgages mean that you do not have to have a deposit to buy a home - you can borrow 100 per cent of the property's value.
Advantages of a 100% mortgages for first time buyers included:
- Being able to buy a house even if you are on a tight income and cannot save a deposit
- Not having to put in a lot of cash upfront, saving it for other things such as improvements to the house
Disadvantages of 100% mortgages include:
- Few lenders offer them so it is not competitive and higher interest rates are often charged
- You will be charged a bigger Mortgage Indemnity Guarantee (MIG) premium.
- If the value of the property goes down, you could go into negative equity, when you owe more than your property is worth
There are a number of 100% mortgages to choose from - to see the best rates currently avilable check out the table below and get more information, free quotes and advice by filling in the enquiry form.
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6.79%
| Discount | Jul 2011 | Dudley Building Society |
7.50%
| 100% |
More
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7.54%
| Fixed | Jul 2011 | Teachers Building Society |
7.60%
| 100% |
More
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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For Quotes & Advice on Mortgages for First Time Buyers complete our mortgage quotes enquiry form.