100% Mortgages for young professionals from Ulster Bank

E

Elcato

Guest
Ulster Bank are offering 100% mortgages. Anybody know if they will advance the deposit on a new house as part of this where the new house will not be ready for another 12 months
 
Re: 100% Mortgage

Hi,

Very unlikely as they do not have security until the purchase completes however as this product has only been launched today.

Please note that the 100% mortgage is only available to the following professionals;
  • Lawyers
  • Doctors
  • Opticians
  • Accountants
  • Dentists
  • Vets
  • Pharmacists
The applicants must be newly qualified and over age 23.

I'll have more details next week.

Kind regards,

Sarah

www.rea.ie
 
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Re: 100% Mortgage

It's interesting to note that the list of professions to whom UB will give 100% almost exactly matches the [broken link removed], with the exception of the accountants.

Pure co-incidence, I'm sure...
 
100% Mortgage

My understanding is that the product is aimed at young professionals who have been in education for 7 years and more (in some cases) and will not have had a chance to save for deposits. However on the other side of the coin they are potential future very high earners with relative job security.

Scottish Widow (?) have been offering a similar product in the UK for many years.

I would have thought that the whole point of the 100% mortgage is to allow such people to buy without having to save the deposit.

I don't understand the security point as I could borrow over 30k unsecured on a motor loan.
 
100% mortgages for so-called professionals

Well done for noticing that Rainyday. On the strength of their ever increasing incomes, thanks to their cartels, the bank offers them 100% mortgages.

Whereas their customers are fleeced by high rates and must save for a deposit.

C10
 
100% Mortgage

Nothing to stop you training for 7 years or more to become part of the "cartel".

Alternatively become a plumber like many such professionals have done in the UK because the pay is better.
 
100% UB

Hi Sarah,

As one of the so-called professionals, who is apparently earning a fortune, I would be interested to hear more of this. Incredibly, I would welcome the chance to avail of 100% finance, which will come as a shock to some who consider that all the members of my "Mafia" can pay for everything in cash!

Anything further on it at this stage? I can't see anything on UB's website about it.

S
 
Re: 100% UB

Nothing to stop you training for 7 years or more to become part of the "cartel".
Click to expand...

You miss my point CSider - It's not jealousy that I'm 'outside the club' - It's that cartels shouldn't exist in the first place.
 
Cartels?

A cartel made up of thousands of individuals? Hardly conducive to synchronicity of action is it? Competition analysis is not an exact science and your results will depend on the economic theories you apply.

Do these professions make good money? In general, yes.
This is more to do with training and education leading to knowledge which consumers are prepared to pay for. In general, people do not pick doctors, opticians, pharmacists based on the price they charge because most people get these services for nothing (whole new argument there - if something is free it is abused etc)

In any event this is moving away from the point of the thread which was if anybody had any further insight or information in relation to the 100% mortgages which I believe have been given the green light by the Central Bank.
 
Re: Cartels?

I should have full details this afternoon, I'll post them as soon as available.

Sarah
 
Re: UB

This is more to do with training and education leading to knowledge which consumers are prepared to pay for.
Click to expand...

That's a matter of opinion. I'd reckon it's more to do with the barriers to entry to these professions (managed by those who currently benefit from the high prices paid for their services) and the Dickensian apprenticeship/training policies (e.g. junior hospital doctors on 6 month contracts, junior barristers 'devilling' for free etc etc).
 
Re: UB

Hi all,

We've been offering 100% mortgages to doctors and dentists since last year, and are pleased to see the scheme has been extended to include a few more professions.

No catches - no mortgage indemnity bond, interest rates the same as UB's normal 92% loans (including ECB +1.15% tracker), strictly 100% of purchase price (no borrowing Stamp Duty), lending criteria broadly similar to UB normal. They've imposed a new maximum of €400,000 on this scheme, but that probably won't worry too may First Time Buyers.

Liam D Ferguson
www.ferga.com
 
100% Mortgage

Liam or anybody else - How has it worked in practice. Do you have to fund the deposit yourself and then the total amount is drawn down on completion.
 
Re: 100% Mortgage

Hi John,

Yes that's right. In practice, once you have your loan offer for 100% finance, it should be no problem getting an overdraft for the deposit, although a loan from family or friends would be cheaper!

Liam D Ferguson
www.ferga.com
 
Re: *

For what it's worth the Sunday Tribune had an article about such 100% mortgages last weekend featuring comments from our own Liam D. Ferguson. ;) It's not online so try your local library if you can't obtain a copy.
 
Tribune

Thanks Cludman

Liam - could/would you cut and paste the article from your own hardcopy ?
Thanks
 
Irish Times

Irish Times Business Section has a piece on 100% mortgages. It is online but I didn't cut and paste as I dodn't want to breach copyright.
 
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