100% Mortgages for young professionals from Ulster Bank

Re: Tribune

Hi UB,

I didn't write the piece, Niall Brady did. I just added in my tuppence worth in a phone conversation with Niall. So I'm afraid I don't have a copy to cut and paste.

Liam

Re: 100% Mortgage

Hi folks,
has anyone heard any more news about this product? Is the list of professions exclusive to the one mentioned previosly or will there be flexibility. I'm an engineer with a semi-state body and I earn well over the minimum of €33k so I'd be very interested in this product if my occupation was included.
Any comments, etc?

Re: 100% Mortgage

Hi Donie,

The 100% mortgages are currently limited to the professions already mentioned. Time will tell if other occupations will be added but at the moment you will be limited to the 92%. Sorry.

Kind regards,

Sarah

www.rea.ie

Re: 100% Mortgage

Bear in mind that while 100% mortgages may be possible in some cases this does not always mean that getting to such a level of debt is advisable!

...

Hi,

Good to see the introduction of 100% mortgages, although like others here, I would also like to see the list of "professionals" extended.

While I cannot dispute Clubman's comment above:

... while 100% mortgages may be possible in some cases this does not always mean that getting to such a level of debt is advisable!

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I would draw his attention to the fact that there is little difference in monthly repayments, between a 92% mortgage & a 100% mortgage ...over a likely 35 or 40-year term, with a low rate of interest similar to that on offer throughout the Irish marketplace.

Loans should be provided based upon a borrowers ability to repay, rather than their ability to provide satisfactory security, imho. Security should only be a secondary consideration, to repayment ability

regards

G>

Re: ...

a 100% mortgage ...over a likely 35 or 40-year term

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Are people really taking out 40 year mortgages now? I thought 30 year was the longest possible. Surely it would be crazy to have a 30-35 year old taking out a 40 year mortgage!

100% mortgage

Is the Ulster Bank 100% mortgage available in Northern Ireland, and what other lenders in the north are offering 100% terms on finances?

...

Hi Rainyday,

Welcome to the world of a wanna be first time buyer (average age approx 23-26). Why would they not be prepared to try and borrow over 40-years, given this would probably:

* Match their expected working life
* Help them get a loan to buy their first property

I appreciate it will result in them paying far more in interest, given the longer term of the loan, but hey ... beggers cannot be choosers (I hate that saying btw )

Suffice to say, anyone that did take on a mortgage for 35 - 40 years should try and repay it over a shorter period, by increasing payments as their disposable income rises ... hence reducing the burden & total interest paid.

Oh, btw, interesting to note that Ulster Bank have decided that their very own profession (Bankers) are not professionals

... nuff said

regards

G>

100% UB Mortgage

Hi folks,
has anyone heard if Ulster Bank has extended the list of occupations covered in this scheme? Also, have any other lenders entered this market?

100% UB Mortgage

garrettod,

Ability to repay at a particular point in time is fine, but circumstances can change. You lose your job, interest rates rise so you can no longer afford your mortgage repayments. You need to sell your house, but the market has just crashed, so you'll only get 90% of the value you paid for it. The bank isn't going to be happy with you only paying 90%, when you took out a loan for 100%. Even when they repossess the house and sell it, they won't get their money back. So by not giving 100% loans to everyone aren't they just protecting themselves against the potential scenario of negative equity?

northern ireland 100% mortgage providers

A friend of mine in Belfast is getting a 100% mortgage I think from the Halifax ? you could find out from them.

..

Getting out a 35 year mortgage for me was done just to keep down my repayments for the first 3-4 years while I get everything set up etc.
But there is no way I would like to or indeed plan on taking the 35 years to repay. Would hope to do it in the 20 but at least having to only pay a lower amount if I was strapped for cash in the first few years makes it possible to buy a house and have some kind of quality in my life...

re:

So the list of professionals is:
* Lawyers
* Doctors
* Opticians
* Accountants
* Dentists
* Vets
* Pharmacists

The above list is fairly self explanatory. In the case of lawyers I presume this covers both solicitors and barristers. However, what qualifications are covered by under the profession of accountancy? There are after all many different qualifications: ACA, ACCA, CIMA, CPA etc.
Do all these accountancy qualifications qualify under UB rules?

Finally, do you have to be fully qualified or would a registered student of one of the accountancy bodies (e.g ICAI) be eligible?

Re: re:

If the qualification confers the title "Accountant" on you, you qualify. Must be fully qualified and practicing.

Re: >> 100% Mortgages for young professionals

Just wondering, did anyone see the bit on TV3 news las nite about 100% mortgages?
I missed most of it but would like to know more about this. Can anyone fill me in?
Thnks, Ina

Re: >> 100% Mortgages for young professionals

Ina said:

Just wondering, did anyone see the bit on TV3 news las nite about 100% mortgages?
I missed most of it but would like to know more about this. Can anyone fill me in?
Thnks, Ina

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See : here and here

Re: >> 100% Mortgages for young professionals

First Active launches Ireland’s first 100% mortgage for First Time Buyers
Details:

First Active has today launched Ireland's first 100% mortgage for First Time Buyers, a mortgage offering covering 100% of the value of a home.

Building on innovation shown with the launch of the First Active Current Account Mortgage™ over two years ago and First Active's experience in providing 100% mortgages for professionals, a 100% mortgage for First Time Buyers will open up a wider range of properties to those looking for a first home by uniquely supplying customers with 100% finance to cover the full value of their first home.

Take for example a typical first time buyer home valued at €245,000. Based on a 92% mortgage for a first time buyer, the mortgage amount would be just under €20,000 short on the purchase price while if purchasing a €300,000 property a shortfall of almost €25,000 would be experienced.

Commenting on the launch Mr. Brendan O'Hora, Head of Marketing at First Active said: "As a lender we continue to see the frustration of many first time buyers who can afford to repay a mortgage on the full value of their home, but who, until now, have been unable to get a 100% mortgage. This offer will make it easier for First Time Buyers to get on to the property ladder".

Customers may initially be required to fund items such as a booking fee or a deposit. However, on closing the sale, the mortgage cheque drawn down will cover 100% of the value of a home, meaning any excess can be used to cover costs such as legal fees, house decoration or furniture purchase.

The 100% mortgage for First Time Buyers will be available across First Active's suite of mortgage products including its flagship product, the Current Account Mortgage and standard variable rate (with two year discount option). Customers can also avail of a Tracker Mortgage with an attractive APR of 3.3%, and fixed rate options. 100% mortgages will be available through the network of 57 First Active Mortgage & Investments Stores nationwide and through the broker network.

For more information contact your local First Active store.

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Lending criteria, terms and conditions apply. Over 18 years only. Mortgaged property must be within the Republic of Ireland, offer only available for purchase of completed residential properties. Not available for purchase of 1 bed or studio apartments. Only one property per customer. The maximum sum advanced is 100% of the lower of the valuation or the purchase price. The cost per month of a typical €100,000, 20 year variable rate mortgage at APR 3.6% is €581.50 excluding insurance. If rates increase by 1% an additional €52.77 would be payable monthly. Offer not valid on 6-month discount variable or 1, 5 and 10 year fixed rates. Security and Insurance are required. WARNING YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. VARIABLE RATE LOANS: THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME. Calls may be recorded.

First Active plc is regulated by the Irish Financial Services Regulatory Authority.

Re: >> 100% Mortgages for young professionals

And watch now as House Prices start rocketing with all the new buyers hitting the market at the same time. Ridiculous that the banks will fully buy your house for you!

Re: >> 100% Mortgages for young professionals

Hello All,

What exactly is a booking deposit, when banks re paying 100% will that not cover this deposit?

Regards,
Pint6

Re: >> 100% Mortgages for young professionals

What exactly is a booking deposit, when banks re paying 100% will that not cover this deposit?

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you pay your booking deposit (usually close to 2%) to give the seller 'confidence' to issue contracts. This has nothing to do with mortgage. You then pay balance of 10% on signing the contracts. The subsequent closing date (draw down of loan) will release 100% funding from the bank, leaving you being able to claw back your initial 10% outlay, less legal fees / stamp duty.