Financial & Legal News

Recent Poll finds support for 100% Mortgages

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Considerable support for 100% mortgages has been shown in a recent YouGov report showing that some 48% think that reintroduction of 100% mortgages is a good idea.

100% mortgages let people buy homes without having to secure a deposit and banks lend borrowers the entire cost of the home instead.

The nationwide survey of almost 10 000 adults asked whether mortgages which don’t require a deposit is a good idea, bad idea or not or whether they didn’t know.

Some lenders already offer 100% mortgages, although these either insist on having a parent guarantor or that they can put some money down into a ring-fenced account to act as a security.

Victoria Marshall, Residential Conveyancing Solicitor had this to say:-

"We are a long way away from the original issues that caused the 2008 crash which saw the withdrawal of such mortgages. We need a product which is available for the first time buyers who are able to easily afford the mortgage repayments but unfortunately not able to save the required deposits. With the strict affordability assessments the bank now follow I believe 100% mortgages will be a worthwhile step of getting people on the property ladder without the need for Help to Buy which is only available on new build properties."

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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