Who's applied for a 100% mortgage?

Supercell

Just applied for one with Ulsterbank, they said they will let me know sometime next week if its approved or not, very nervous and excited waiting.

Wondering if any other board members have applied already and how they have gotten on so far, the whole FTB process is pretty daunting imho.

Baz_

did you have to have a certain amount of money saved up?? These 100% mortgages mystify me...

Supercell

Nope, havent any credit card debt or loans at the moment though which seems to be the main thing..will know for sure next week if my spending habits are acceptable, used to have largish credit card bills, but thats all cleared now without any overdue notices etc..hoping its all ok.

kluivert

Baz

Simply question here, why does it baffle you?

I am 21 and would prefer to buy a house than rent one. I pay 80e a rent for a room in monaghan. If i bought a house with my longterm girlfriend it would be by applying for 100% mortgage as it would take at least 2-3yrs for us to save the 8% and pay rent on top of that.

Have you ever heard the phrase "you have to borrow to save".

100% mortgages are a great idea for first time buyers only.

I personally have low debt, small car loan and thats it. I am a trainee accountant and from my background i can see more pros than cons about this.

Baz_

kluivert wrote:

Baz

Simply question here, why does it baffle you?

I am 21 and would prefer to buy a house than rent one. I pay 80e a rent for a room in monaghan. If i bought a house with my longterm girlfriend it would be by applying for 100% mortgage as it would take at least 2-3yrs for us to save the 8% and pay rent on top of that.

Have you ever heard the phrase "you have to borrow to save".

100% mortgages are a great idea for first time buyers only.

I personally have low debt, small car loan and thats it. I am a trainee accountant and from my background i can see more pros than cons about this.

Kluivert

Chillax!

I don't mean they baffle me in terms of how they operate, and how good an advantage it is for the first time buyer.

But I can't help thinking that they are too good to be true. On the one hand, do they charge you a higher rate of interest for the pleasure of getting the complete amount needed, and on the other, do you need an amount equal to a deposit saved up in order to qualify with the bank giving you a refund of that deposit amount once you do? Thats the part that baffles me. My g/f was checking them out there the other day and came away with the impression that it worked under the second scenario there, but if it's the first one, happy fúcking days tbh!

Baz_

Spocker

Baz_ wrote:

did you have to have a certain amount of money saved up?? These 100% mortgages mystify me...

Yes, you do. All of the banks are appying the same criteria:

You will initially be 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 have to still have the deposit first, wherever you get it from.

Supercell

Dr. Spock wrote:

Yes, you do. All of the banks are appying the same criteria:



.. meaning you have to still have the deposit first, wherever you get it from.

Actually it seems that you don't, I asked specifically about this, was told that they would give me a bridging loan (think it means a short term personal loan in this case) to cover the deposit if, and hopefully when, needed.

I will still need to pay solicitors etc fees though...but can cover these without problems anyhow.

Spocker

Good man, didn't know that

/*fecks terms and conditions on floor

Supercell

Dr. Spock wrote:

Good man, didn't know that

/*fecks terms and conditions on floor

If you are in the process of applying Dr. Spock , good luck!! let us know how you get on

Mezcita

Take a look of this thread. Some interesting points.

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