100% Mortgages explained and help available from Shire Direct, even if you have poor credit!
<<< UPDATE - Due to the recent difficulties in the credit markets, these products are currently unavailable, and are likely to remain so for the foreseeable future. Please check back for future updates on their availability. >>>
100% Mortgages provide the borrower with the full purchase price of the property, so no deposit is necessary, and this is obviously particularly useful for First Time Home Buyers, as well as anybody else in a situation where they cannot afford a deposit.
Here we take a more detailed look at 100% Mortgages, and our available help, together with the situations and circumstances we can usually help with. We also explore the potential useful and beneficial aspects of the 100% mortgage, as well as their possible drawbacks.
What is a 100% Mortgage and how do 100% Mortgages work?
So, before we go any further it's probably best that we explain what a 100% Mortgage is, and how 100% Mortgages work, and how they can be useful.
One hundred percent Mortgages will provide the mortgage borrower with the full purchase price of the property they are looking to buy, i.e. 100% Loan to Value.
So I don't require a deposit with a 100% Mortgage?
That's absolutely right! A 100% Mortgage can be especially ideal if you are a first time home buyer and buying your first home. With 100% mortgages, you don't have to provide a mortgage deposit, and this can make all the difference to you if you are trying to get on the property ladder!
With modern-day pressures, we do of course recognise that few first-time buyers have the opportunity of saving for a deposit nowadays, and that's why we can offer a range of 100% mortgage products and schemes, thereby removing the necessity to put any cash down for a deposit! In many cases we can even add the attendant costs associated with purchasing a home, such as Stamp Duty, Solicitors Costs and fees etc.
You've probably already found that buying a property can be complex, scary and exciting all at the same time! You've probably found that there's a lot to do - choosing the right area, the right property, at the right price, are all very important features. Then there are the carpets, curtains, furniture and decor to decide on.
Oh yes, and there's just one more thing - and it's very important! The little matter of your mortgage! Remember, your mortgage is likely to be the largest single personal transaction you will ever make, so it's crucial that you get that right too!
So, if you're on a tight budget, you probably need 100% Mortgage funding. This will provide you with the full purchase price of the property, but you must remember that you'll also need to provide the attendant costs of purchase, which will include some or all of the following:
What about 100% adverse mortgages? Can you help me with a 100% mortgage even if I have a poor credit score?
The answer is usually yes, we can help with 100% Adverse Mortgages for borrowers who may have a poor credit score or an adverse credit history!
Our experience shows that lots of people have encountered difficulties at one time or another - often through no fault of their own. Redundancy, accident, illness, relationship breakdowns, marital breakdowns, employment changes can all have a devastating effect and severely disrupt financial planning. That's why at Shire Direct we have developed a range of schemes that will usually consider 100% mortgage applications from borrowers who may have experienced credit problems with a County Court Judgement, or a credit default, or rent arrears.
We've a range of plans to assist those buying their home for the first time. We'll help you to choose your mortgage product carefully, and ensure that you are appropriately protected against the unforeseen. Our service is detailed and comprehensive, and all our Mortgage Advisors are professionally qualified. This provides important protection for borrowers who can be assured of professional standards and expert advice.
Can you assist me with 100% Buy to Let Mortgages?
Well, it's possible, but only usually with your contribution by raising the difference on your existing home, by way of a remortgage or secured loan.
What about 100% Let to Buy Mortgages, can you assist?
Yes we can. Provided the rent received from your letting will be sufficient to cover the monthly mortgage payment, or you have sufficient earned income to cover the shortfall.
Could you assist me with a 100% Income Self-Certification Mortgage?
Unfortunately we cannot help with 100% Income Self Certification mortgages. The usual maximum is currently 90% loan to valuation.
What about 100% Commercial Mortgages, are Shire Direct able to help?
Again, in theory, this is possible. However, it would require additional security by way of a charge over another property that has available equity.
Can Shire Direct help me with a mortgage plan that can provide additional funds to pay attendant costs of house purchase, and help fund home improvements, and the purchase of furnishings?
You'll be pleased to know that, yes, we usually can!
Take a look at our Flexible 125% Mortgage Plan. Here you'll see we can arrange for you to borrow up to a further 25% of the property value, subject to a maximum of £30,000 on an unsecured basis, but at the same rate as your secured mortgage!
You can use the additional funds for any purpose, including, home improvements, furnishings, mortgage costs and fees, and even debt consolidation. However, you should bear in mind that if you borrow to pay fees or consolidate unsecured debt, although the interest rate may be lower, by spreading the repayments over the mortgage term, you are likely to pay more interest in the long run!
Like more information on our available help for 100% Mortgages?
So if you're looking for more information on how we can help with 100% Mortgages even if you've experienced adverse credit of some form, as well as Mortgage funding all the way up to 125%, then simply contact us!
Leave all the hard work to us...
If you're a first time buyer looking for 100% mortgage funding, we believe we have an even greater duty of care to ensure you understand the complexities of arranging a mortgage. We'll carefully explain the procedures and discuss the various options open to you. We'll help you to complete any forms, organise a valuation and even arrange a solicitor. Our aim is to make your life easier!
Can Shire Direct give me a rapid in-principle decision on my eligibility for a 100% mortgage?
Yes, absolutely!
A quick telephone call to one of our professionally qualified Mortgage Advisors will soon help to put you in the picture, and we can usually provide you with a decision in minutes!
So call us today on Freephone 08000 282 281 (our lines are open from 8am until 10pm, 7 days a week!), we assure you of a warm and non-judgemental welcome! Alternatively, you can also enquire online at any time if you would rather, it's quick and simple, and we'll respond in a timely fashion.
We are certain you'll find our approach to be friendly, professional, helpful and not in the least stuffy! So get in touch today, you'll be glad you did!
So, that concludes our look at 100% Mortgages and how they work, and how Shire Direct can help with a 100% Mortgage even if you've suffered from credit problems. We hope you found it to be useful and we've answered any initial questions you may have had. Remember, we always aim to help in any way we can, and at Shire Direct, all our customer's requirements are always dealt with positively and sympathetically. We're only ever a couple of mouse clicks or a free call away and would be delighted to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
