100% Mortgage?

L

Libby001

Guest
Can anyone advise if it is still possible to get a 100% mortgage, when both applicants are non professionals. My partner is training to be an accountant but working full time as an accountant technician and I work in administration. We are hoping to start looking in June (after his exams). We are saving and we wreckon we will have about 10k saved by this time, which we hope will cover solicitor fees, legal outlays, and help furnish the house.

I heard that Bank of Scotland is still doing 100% mortgages, to non professionals. We collectively earn about 56k approx per year. Anyone know if this is too low.

I know people are going to suggest to wait and save more, but we are renting with 2 other people, and the house is just way too small. Our rent is quite low, but we have been living here 3 years and we are tearing our hair out as it is.

If anyone has any suggestions or tips etc.. i would be delighted to hear..
 
  • Are you paying any loans at present? If so, what's the monthly repayment?
  • What's the split of your €56,000?
  • You don't say what area of the country you're in. What's the minimum feasible purchase price in your area?
 
A question to ask yourself , if you rent is low why don't you have any savings....
 
LDFerguson said:
  • Are you paying any loans at present? If so, what's the monthly repayment?
  • What's the split of your €56,000?
  • You don't say what area of the country you're in. What's the minimum feasible purchase price in your area?
Click to expand...

I am paying one loan which is 260 euro per month with three years left
I earn about 27,000 gross a year
Looking for a place in Waterford

As for the other quote i had been living the high life for the last 10 years, I had a couple of loans and a big credit card bill. But i have cleared all but one loan, and the credit card is cleared.

What do ye wreckon??
 
would you try goin for the affordable housing scheme? a couple going together can earn up to 100,000 to qualify...and more option of getting a house together because of the combination... just an idea
 
Very rough figures - Bank of Scotland would probably offer around €260,000 if you had your loan cleared, based on current income or €210,000 without it cleared.

Note their 100% criteria: -

Loan to Value “LTV” Parameters:
Houses Maximum LTV 100%
Apartments/Duplexes in Main Cities/Towns Maximum LTV 90%
Apartments/Duplexes outside Main Cities/Towns Maximum LTV 85%
 
It seems its getting a lot more difficult to get a 100% mortgage now because the house prices are going down and banks feels people end up with negative equity. I'm shopping around for a mortgage at the moment and AIB are the only bank to offer me a 100% mortgage.
 
I don't think their concern is for the customer going into negative equity - they are concerned that if they repossess they won't fully cover the loan and may have difficulty retrieving the remainder form the customer.
 
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