100% Mortgages

Not everyone can afford to put a deposit down on the property of their choice and may need to find a 100 % mortgage. A 100% mortgage is a loan for the full purchase price of the property.

Not all lenders offer 100% mortgages and those that do, charge a higher rate of interest on 100% mortgages than they do for mortgage loans where the buyer can invest some of their own money in the property.

Mortgage Indemnity Guarantee (MIG)

As well as paying a higher interest rate, you will be asked to take out a larger mortgage indemnity guarantee (MIG) than if you had a deposit to put down on your home. Most lenders allow you to add the premium cost of taking out the mortgage indemnity guarantee to your 100% mortgage, but bear in mind you will also pay interest on the MIG premium

Applying for a 100% mortgage

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.