100% Mortgages

cool username

Do they still exist???

eth0_

cool username wrote: »

Do they still exist???

No. We're in a recession. No bank will offer a 100% mortgage.

tHE vAGGABOND

if you want one, you cant afford the place - keep saving - indeed start saving

ParkRunner

I got one 2 weeks ago

eth0_

EF wrote: »

I got one 2 weeks ago

I presume you work in a bank.

gdael

We got approved for one.

Probably because, we could pay 25% up front if we wanted. But for now the money earns more invested than paying it off a mortgage. So we'll take the full 100% mortgage and then when the rates make sense, pay it off the mortgage.

Senna

gdael wrote: »

We got approved for one.

Probably because, we could pay 25% up front if we wanted. But for now the money earns more invested than paying it off a mortgage. So we'll take the full 100% mortgage and then when the rates make sense, pay it off the mortgage.

Did the bank make you invest the 25% with themselves to avail of the 100% mortgage?

eth0_

gdael wrote: »

We got approved for one.

Probably because, we could pay 25% up front if we wanted. But for now the money earns more invested than paying it off a mortgage. So we'll take the full 100% mortgage and then when the rates make sense, pay it off the mortgage.

Which bank was that, if you don't mind me asking?

?Cee?view

gdael wrote: »

We got approved for one.

Probably because, we could pay 25% up front if we wanted. But for now the money earns more invested than paying it off a mortgage. So we'll take the full 100% mortgage and then when the rates make sense, pay it off the mortgage.

Sorry, and no insult intended, but I just don't believe this.

Have the bank taken a lien over the 25%?

kravmaga

EF wrote: »

I got one 2 weeks ago

Wow I am impressed, what bank was this is your dont mind me asking?

stepbar

For certain professions they still exist. However in saying that, it depends on the strength of the case put in front of the mortgage advisor.

?Cee?view

Which professions?

JupiterKid

Which professions? The ones that guarantee a stable job/cash flow...

Civil servant
Teacher
Doctor and;

Prostitute/rent boy...:D

I think 100% mortgages are as rare as hen's teeth these days. And rightly so. People need to be protected from themselves.

gdael

Senna wrote: »

Did the bank make you invest the 25% with themselves to avail of the 100% mortgage?

No. It stays where it is. Best rates and we're not moving it.

I work in the IT Sector - Software house. Partner works in the Food business.
We dont actually need a 100% mortgage. We can well afford the payments even if one of us is unemployed. Intend to pay what we save from the rent into savings too and then pay it all off the mortgage when interest rates change enough to make it more economical to do that than save it.

We might as well take the 100% and earn more than mortgage interest costs us - along with the mortgage interest relief. The interest rates are like that now, so its good to do. When they switch around so it makes more sense to pay off the mortgage with our savings, we'll pay it all off it.

Its much, much cheaper than what we are renting just down the road at the moment for essentially the same house and to tell the truth we would rather own a house now because babies are in mind.

We just visited all the banks and talked to their lenders. 2 Offered us the 100%. Several offered 95%. Several 90%, Some wouldnt give us anything - well i mean they wanted 30%+ deposit, which is as good as offering you nothing.
Mind you we havent drawn down yet. Until we do nothing is certain.

gurramok

There are 16 banks lending??

If you want to overpay for an asset with immediate negative equity, go ahead. Just make sure you are going to live there to suit your needs for many years to come.

ZYX

gurramok wrote: »

There are 16 banks lending??

If you want to overpay for an asset with immediate negative equity, go ahead. Just make sure you are going to live there to suit your needs for many years to come.

Well done gurramok. You don't know what property they are talking about, you don't know what price they are paying and yet you do know they are paying too much!

gurramok

ZYX wrote: »

Well done gurramok. You don't know what property they are talking about, you don't know what price they are paying and yet you do know they are paying too much!

Thanks ZYX.

I have not seen a price rise yet nor one pencilled into the future, have you?

gdael

ZYX wrote: »

Well done gurramok. You don't know what property they are talking about, you don't know what price they are paying and yet you do know they are paying too much!

The man is psychic.
He knows everything about us. Like where we live, how much money we have, what house we are renting and buying. He knows our rent. He knows the cost of the house we are looking at.
He's good. He probably asks people for all sorts of links for proof when they make statements elsewhere too, but makes wild assumptions himself as he does here, but i couldnt bother looking.

We're currently still trying to negotiate the price down, havent bought it yet.

As long as the mortgage payments are significantly cheaper than renting and we get the bonus of mortgage interest relief, it makes sense for us to buy it than rent our current house. We worked out we'll be about €4000 a year better off, but that depends what rate we take and what % loan and how long before we have to switch our savings to pay off the 25% - probably more actually.

Sorry, im going off topic now.
Mr, Gurramok can answer any other questions anyone has about me, since hes psychic and all. ta ta

gurramok

gdael wrote: »

The man is psychic.
He knows everything about us. Like where we live, how much money we have, what house we are renting and buying. He knows our rent. He knows the cost of the house we are looking at.
He's good. He probably asks people for all sorts of links for proof when they make statements elsewhere too, but makes wild assumptions himself as he does here, but i couldnt bother looking.

We're currently still trying to negotiate the price down, havent bought it yet.

As long as the mortgage payments are significantly cheaper than renting and we get the bonus of mortgage interest relief, it makes sense for us to buy it than rent our current house. We worked out we'll be about €4000 a year better off, but that depends what rate we take and what % loan and how long before we have to switch our savings to pay off the 25% - probably more actually.

Sorry, im going off topic now.
Mr, Gurramok can answer any other questions anyone has about me, since hes psychic and all. ta ta

I simply said "If you want to overpay for an asset with immediate negative equity, go ahead.". Go ahead then.

It aint psychic stuff, you already said you are negotiating a reduction in the price you will pay. There is nothing stopping a near future valuation being less. What's wrong with that?

Watch out for teaser interest rates, they will go up.

"bonus of mortgage interest relief"...watch out for this being reduced in future budgets.

You have still not answered the other question, who are these 16 banks offering 90%+ mortgages nevermind the 9 banks offering 95%+ mortgages?

eth0_

gurramok wrote: »

You have still not answered the other question, who are these 16 banks offering 90%+ mortgages nevermind the 9 banks offering 95%+ mortgages?

I honestly don't believe his claim he has been offered a 100% mortgage. Not with his and his partners profession, and as for the bank telling him to keep his 25% where it is - UNLIKELY. Banks right now are encouraging people to overpay their mortgages, because of negative equity.

accensi0n

gurramok wrote: »

You have still not answered the other question, who are these 16 banks offering 90%+ mortgages nevermind the 9 banks offering 95%+ mortgages?

Where are you getting 16 from?

He mentioned '2', 'several', 'several' and 'some'.

That could be 9 in total...

T-Square

JupiterKid wrote: »

Which professions? The ones that guarantee a stable job/cash flow...

Civil servant
Teacher
Doctor and;

Prostitute/rent boy...:D

I think 100% mortgages are as rare as hen's teeth these days. And rightly so. People need to be protected from themselves.

Don't forget to include engineers and surgeons, etc.

gurramok

accensi0n wrote: »

Where are you getting 16 from?

He mentioned '2', 'several', 'several' and 'some'.

That could be 9 in total...

quite simple.

gdael wrote:

2 Offered us the 100%. Several offered 95%. Several 90%

Several means seven in my book. Add 7 to 2 and you get 9 for 95%->100% offers.

Add another 7 for 90% offerings and we get 16 banks. Where are these 16 banks?

ZYX

gurramok wrote: »

Thanks ZYX.

I have not seen a price rise yet nor one pencilled into the future, have you?

But you don't know the house they are talking about or the price they are getting it for. You are talking about the housing market not their house.

By the way several means more than 2 (not seven)

F-Stop

Several means seven in my book.

So, you just make stuff up then to suit your ends? Several means more than two but not many.

TaxiManMartin

gurramok wrote: »

quite simple.



Several means seven in my book. Add 7 to 2 and you get 9 for 95%->100% offers.

Add another 7 for 90% offerings and we get 16 banks. Where are these 16 banks?

I came in here to tell you about someone I know who got 95% but I found this post hilarious.

Agh the old foot in mouth disease. You could have saved yourself the humiliation there by looking up what several means.

You always seem to chime in on any post where someone wants to buy a house , with awful ****e. Always adding one and one and getting four. Or a whe lot more in this case.

Posters, don't even waste your time replying to him. He'll just lie his little heart out and make up stuff all night. And he'll keep going and going.

gurramok

F-Stop wrote: »

So, you just make stuff up then to suit your ends? Several means more than two but not many.

So its a figure of speech. Lets say 3 of each then, so that makes 5+ offered 95%+ mortgages, who are they?

ZYX wrote:

But you don't know the house they are talking about or the price they are getting it for. You are talking about the housing market not their house

It just seems very very strange that the poster had a problem with me being psychic aka the following post which he had a problem with. That to me is that the poster thinks the below will not happen.

me wrote:

If you want to overpay for an asset with immediate negative equity, go ahead.

TaxiManMartin wrote: »

Posters, don't even waste your time replying to him. He'll just lie his little heart out and make up stuff all night. And he'll keep going and going.

What lies?

I asked a question and still not have had an answer yet.

Senna

Did you get a 100% mortgage because the house you bought is on the books of the bank. Thats the only way i can see a person getting a 100% mortgage with professions like yours.
What bank is it from, i think you failed to mentsion.
On the point of NE, yes you are walking right into NE, you cant argue with that regarless of your plans or whatever you bought the house for.

ZYX

gurramok wrote: »

It just seems very very strange that the poster had a problem with me being psychic aka the following post which he had a problem with. That to me is that the poster thinks the below will not happen.


.

You don't get the point. You do not know the value of the house yet can say they will be in negative equity, based only on what you feel will happen to the market in general. You do not know if they got a really good price or not. Yet you jump in basically telling them they got a really bad deal. Based on the fact that the bank are willing to lend 100% that implies to me that they must have valued it at a lot more than the purchase price or at the very least have valued it at the purchase price.

gurramok

ZYX wrote: »

You don't get the point. You do not know the value of the house yet can say they will be in negative equity, based only on what you feel will happen to the market in general. You do not know if they got a really good price or not. Yet you jump in basically telling them they got a really bad deal. Based on the fact that the bank are willing to lend 100% that implies to me that they must have valued it at a lot more than the purchase price or at the very least have valued it at the purchase price.

You are assuming that the haircut of the original price to reach that purchase is huge to prevent future negative equity?

Thats very rare. If the banks valuation is as you say, its immediate negative equity.

dearg lady

I know I'll get slated on here for saying this but there are other factors besides the financials to look at when buying a house.
gdael, sounds like it's a good decison for you, you'll be paying less than you were in rent to live in similiar house, and when interest rates go up you'll clear what around 25-30% of your mortgage in one go. Sounds pretty good.

not everyone goes in with their eyes closed and even in a lousy market there's individual cases where it makes sense to buy. Sweeping generalisations will only apply to some people.

Gurramok, I'd say the reason the question hasn't been answered is cos you're looking for 16 banks and there aint 16!