Why are 100% mortgages so popular? Well nine out of ten first time property buyers (FTB’s) are struggling to purchase their desired property. 35% of FTB’s will fork out for the deposit by taking out a personal loan or borrowing from friends and family because of their own lack in savings.
Another, perhaps better option is a 100% mortgage. It can certainly be better than a secured loan against your property which often has very high interest and set up charges. Having family members to help out can be good initially, though sometimes this does lead to tension.
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Moreover, 44% of the first-time buyers (FTB’s) questioned still continue to pay off other debts, so 31% claim they have scant or no savings to transfer, so it is a battle to build up a deposit while also paying rent.
It’s a fact that close to a quarter of all FTB’s have no savings at all and instead choose 100% mortgage deals. Though these are still not available from many lenders a good mortgage broker will be able to find you one.
Furthermore, 45% said they are shocked at the damage legal fees and stamp duty has on their bank account, as a further 19% having not even considered the extra costs of council tax, renovations or furniture when planning the purchase of their first home.
Many FTB’s make fundamental errors when it comes to price bargaining, as over the last twelve months 32% of property buyers paid the full asking price without any price negotiating.
FTB’s are essential to the market, given their ability to move quickly without a long chain. FTB’s should realise what a strong bargaining position that puts them in, especially with the softening in the housing market. Failing to negotiate on asking price means they could be paying literally thousands of pounds more than you need to.
If you want to know more about 100% mortgages, fill out the relevant enquiry form. 
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