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100% Mortgage

SixShot · 2005-07-21 15:13:03

Story all Im looking for some infomation on this 100% Mortgage is all about & what exsatly is the catch I've herd TSB are going to do it as well Can any one give advice on this or has any one got the 100% Mortage yet all all a responce would be muh aprecated (oh Yeah my Spellings are Crap) Cheers

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21-07-2005 4:13pm

#1

SixShot

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Story all Im looking for some infomation on this 100% Mortgage is all about & what exsatly is the catch I've herd TSB are going to do it as well Can any one give advice on this or has any one got the 100% Mortage yet all all a responce would be muh aprecated (oh Yeah my Spellings are Crap) Cheers

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#2 21-07-2005 4:16pm
Downtime

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http://www.boards.ie/vbulletin/showthread.php?t=278433

Seems like there are about 50 criteria. Heard from a mate that 250 applied and only 3 qualified in one day.

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#3 21-07-2005 4:17pm
SixShot

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thats a kick in the nuts wonder if TSB's one will be any better

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#4 21-07-2005 4:19pm
Downtime

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Possibly be the same but they are regulated by IFSRA whereas I don't think First Active are which may change some things ( I am open to correction)

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#5 21-07-2005 4:22pm
jhegarty

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Downtime wrote:

http://www.boards.ie/vbulletin/showthread.php?t=278433

Seems like there are about 50 criteria. Heard from a mate that 250 applied and only 3 qualified in one day.

the conditions are :

No one beds
You must been working for at least 3 years without a break
you must take out morgage protection

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#6 21-07-2005 4:34pm
Baldie

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TSB aren't doing a 100% mortgage,yet. Just rang my local branch and she said "No, not at the moment anyway"...

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#7 21-07-2005 4:57pm
MorningStar

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I've heard of a few other conditions too but the website doesn't really state much other than the type of property as such.

http://www.firstactive.ie/mort_100_ftb_intro.asp

I am pretty good with facts and figures but banks really try to confuse intentionally by spreading detail about. So who know what all the details are.

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#8 21-07-2005 5:01pm
tml

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PTSB are doing the 100% mortgages, based on their existing underwriting criteria, so 35 year term is possible, it will be available from the end of next week so should have more information about it then

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#9 21-07-2005 5:03pm
Baldie

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tml wrote:

PTSB are doing the 100% mortgages, based on their existing underwriting criteria, so 35 year term is possible, it will be available from the end of next week so should have more information about it then

Where did you read/hear this?

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#10 21-07-2005 5:07pm
tml

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It was just announced today, i work in mortgages so we got an email directly from PTSB, just saying they are doing 100% mortgages for first time buyers and it is based on their existing criteria so would am presuming it will include a 35 year term.

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#11 21-07-2005 5:09pm
Baldie

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Baldie wrote:

TSB aren't doing a 100% mortgage,yet. Just rang my local branch and she said "No, not at the moment anyway"...

:eek: She lied!!!!!!!!!!!!!!!!!!!

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#12 21-07-2005 10:23pm
Victor

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Baldie wrote:

:eek: She lied!!!!!!!!!!!!!!!!!!!

No. Read again "No, not at the moment anyway".

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#13 21-07-2005 10:24pm
SixShot

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i will indeed look in the the PTSB one. if LadyLuck is on my side i will win the Euro Mill :rolleyes: lol ok back to Reality

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#14 22-07-2005 9:24am
jhegarty

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tml wrote:

It was just announced today, i work in mortgages so we got an email directly from PTSB, just saying they are doing 100% mortgages for first time buyers and it is based on their existing criteria so would am presuming it will include a 35 year term.

do you know when we will get more details on this... have my first active form half filled out here... but they insist on morgage protection , any chance PTSB will give their 100% without it ?

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#15 22-07-2005 9:35am
soma

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jhegarty wrote:

but they insist on morgage protection , any chance PTSB will give their 100% without it ?

how much extra does mortgage protection insurance work out a month for what you have in mind..? @100% mortgage it's really not a bad idea..

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#16 22-07-2005 9:38am
Einstein

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seriously folks, 100% mortgages are a bad idea. Read the original thread about it and you'll see the pros and cons...oh no wait, there are no pros...

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#17 22-07-2005 9:52am
jhegarty

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soma wrote:

how much extra does mortgage protection insurance work out a month for what you have in mind..? @100% mortgage it's really not a bad idea..

€20 a month... which over 30 years works out a bit...

Divers, there is one pro.. i have my 8% saved ... which its now going to be spent on doing up the house (it needs some work done) instead of been used for a deposit....

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#18 22-07-2005 10:06am
MorningStar

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Divers wrote:

seriously folks, 100% mortgages are a bad idea. Read the original thread about it and you'll see the pros and cons...oh no wait, there are no pros...

I think it makes sense at this point to allow those who want to do it get the specifics. Leave the discussion of the merits or otherwise of them to the other thread.

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#19 22-07-2005 10:40am
Spocker

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From the First Active website .....

You will be initially required to fund items such as a booking fee or a deposit, where applicable. However on closing the sale, the mortgage cheque drawn down will cover 100% of either the value or the purchase price of the house, whichever is lower.

... meaning you still have to have the deposit and you only get it back later - when the cheque is drawn down.

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