Can a full-time working couple get a 100% mortgage on a home that costs between £160,00 - £ 190,000?
Answers:
With no deposit you are likely to have to pay for an insurance, against things going pear shaped basically. Works something like this.... If you bought house for £100,000 and paid 15% deposit, lender would be looking to get their £85,000 back from sale of property if it was repossessed. not too bad a risk, even if house prices fall. If you pay no deposit, same circumstances, lender has much bigger risk if the house is repossessed, they've lent you £100,000 and if house prices have gone down they aren't able to get their money back, they're out of pocket. So, they may ask you to pay in insurance that will cover that sort of eventuality.
Other answers:
Depends on how much they are earning.
Depends on how much they are earning.
no---------------we r in the same boat u can get 85%
If their combined income times 3.5 equals the amount required sure. You will have to pay a slightly higher interest rate, and you won't have as big a range of mortgages to choose from. Bradford and Bingley have a great range of mortgages, half from companies you probably haven't heard of. Go stsaight to them for an interview.
IT ALL DEPENDS ON YOUR CREDIT SCORE
Depends on your combined earnings. Total your income and multiply it by 3.75 the usual Lender rate. If this takes you into that range of property value then you can make a good case but it will also depend on other factors like credit history and length of time in current job. Try talking to an independant financial advisor. I can recommend Charcol in UK for free initial interview. I did. Great. You may find that the range of mortgage products is more limited for 100% but you should find something even if it is at a higher rate of interest. Also if you don't make it into that range with the multiplier you can try and borrow over 30 years instead of 25 or try and self certify.