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100% Mortgages almost obsolete in UK

Shared by Larry on Thu Jul 03, 2008 5:12 am
If you've ever thought of buying a home with a 100% mortgage, I'm afraid you'll have to drop the idea. Home buying in the UK will almost be difficult without any decent savings to pay for the down payment. What I mean is, 100% mortgages are now almost obsolete in the UK as home prices have been falling. And the best deals are now available for those who can put down 25% of the home price. Source: http://www.fool.co.uk/news/property-home/mortgages/2008/07/02/the-death-of-the-100-mortgage.aspx

Community Members Opinion

blue

Joined: 21 Oct 2005

Posts: 1131
Location: MARYLAND

138.04 Dollars($)

Posted: Fri Jul 04, 2008 6:43 am Post subject:

Hello Larry Not only in UK but in USA also it is hard to get 100 percent financing. Although with FHA you can get 97 percent of the LTV but with the credit crunch and the declining financial market lending criteria have been tightened. So good credit is very much necessary to get a mortgage loan but it is true that home prices are low now. So the people who were thinking whether they should buy house or not even if they have good income, it is good time to buy. _________________ Lets help each other. Try my blog


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