100% Mortgage

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pspdude

Registered User
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Hey

Do you guys know what banks currently offer 100% mortgages. I know a lot do, but most only offer them to professionals like teachers or solicitors, or someone like that, if i work in customer services, do i stand a chance :) and would i get a 100% if i was to buy a one bed!
 
Probably best to check first if you even fit the criteria for a 100% loan.

What do you earn?
What sort of house price range are you looking at?
Do you have any debts/savings?
 
I am a first time buyer [with my partner] and have just been approved for 100% mortgage [400k to 450k] through a broker. Best tracker variable rate on the table is ECB + 0.75%.

I would appreciate any comments on how competitive this rate is or any direction towards better rates.

Thanks
 
ECB + 0.75% seems competitive. Is that the standard rate for the full term or just an introductory (e.g. one year) special offer with a higher margin applicable after the introductory offer period has expired?

Shop around separately for the best deal on mortgage protection life assurance and home insurance as taking them from the lender will usually cost more.
 
I had an issue with the ICB but its all cleared up, and the ICB is now clear, looking for around 250k, i could get a 2 bed for that but some banks dont do 100% if your not what they class as "professional". I work in customerr services, i doubt most banks see that as professional
 
oh sorry

I only have around 5k in savings, i have no personal depts or loans

I earn 30 basic and 12 in commission!
 
ClubMan said:
ECB + 0.75% seems competitive. Is that the standard rate for the full term or just an introductory (e.g. one year) special offer with a higher margin applicable after the introductory offer period has expired?

Shop around separately for the best deal on mortgage protection life assurance and home insurance as taking them from the lender will usually cost more.
Click to expand...

This is the standard rate for the full term and not an offer. I will post more details as they come through.

Must we have home insurance and mortgage protection life assurance to complete a mortgage contract?
 
when getting a mortgage you must have mortgage protection and home insurance in place and sent across to the bank and assigned before you can draw down your funds.

I would strongly advise getting life insurance(mortgage protection) before signing contracts because if you get declined for any medical reasons the bank are not obliged to pay out, and they definately wont!
 
pspdude said:
when getting a mortgage you must have mortgage protection and home insurance in place and sent across to the bank and assigned before you can draw down your funds.

I would strongly advise getting life insurance(mortgage protection) before signing contracts because if you get declined for any medical reasons the bank are not obliged to pay out, and they definately wont!
Click to expand...

Thanks for the heads up!
 
pspdude said:
oh sorry

I only have around 5k in savings, i have no personal depts or loans

I earn 30 basic and 12 in commission!
Click to expand...
Assuming the lender will consider the full €42K gross p.a. for application purposes then since you would be looking for c. 6 times this with a black mark on your ICB records I wonder if this might be stretching it a bit?

How much do you have left over after your normal essential and discretionary expenditure each month?
 
well i would have 2700 each month but i would also get sometimes 3700 depending on the commission, i could earn a lot more than 12k but im being conservative , thats what ive already earned this year so far.

I dont have anything on the ICB anymore, its clear, the bank removed their error,it wasnt mine
 
So why not just apply for mortgage approval in principle with a few lender or through a good broker and see how you get on?
 
yeah im gonna do that, but ive heard some bad things about some brokers so i was hoping i could get info on what bank actually does the 100%s and go directly to them, save me a lot of trouble
 
I am in no way affiliated with REA brokers but found them excellent. We recently signed contracts on a house with a 100% mortgage and I have no doubt that we wouldn't have received 100% without their expertise. They also did a lot of great hand-holding for me as a first-time buyer. It was great to know I could ring the broker with any small questions I had during the purchase, and it is great to know someone is on your side. A broker can present your financial situation in the best possible light as they know what the financial institutions are looking for.

It would have been a nightmare to do it without a broker, for me. It was definitely the right choice. They don't cost a thing - the bank pays them a commission, not you.
 
rea?? really, thank you for that! i might give them a shout, see what they can do for me! thanks for the heads up !
 
Yes REA were fantastic for us. They are very reputable. We used the Bray branch, and delt with Neil who was very professional and gave valuable advice. Again, just to stress, I am only a happy customer, not affiliated with them in any way.
 
cool, might give them a shout, i know its hard to recommend something on these boards without being accused of being affiliated with them!
 
AIB Bank, Bank of Ireland, Bank of Scotland, EBS Building Society, First Active, Permanent TSB and Ulster Bank - do give 100% mortgages.
IIB Homeloans, Irish Nationwide and National Irish Bank don’t.

Bank of Ireland, Bank of Scotland, EBS, First Active, Permanent TSB and Ulster Bank will provide 100 % mortgages with no occupational restrictions.
AIB only offers 100 per cent mortgages to “young professionals” who are likely to see a significant increase in their income within three to five years. According to the bank, typical professions include doctors, dentists, solicitors, accountants, actuaries and architects

With Bank of Ireland, single applicants must earn at least €45,000 to qualify for 100 per cent mortgages and joint applicants must earn at least €80,000 combined. With Bank of Ireland, you can usually borrow between 4.5 and five times your income

With Permanent TSB, the main earner applying for the mortgage must have at least three years’ continuous employment.

EBS generally allows people to borrow up to 40 per cent of their disposable income (loans in addition to your mortgage are taken into account).
Permanent TSB allows you to borrow up to 35 per cent of your income
 
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