Is it possible to get 100% mortgage these days?

ap1986

i aint been lookin too much into it yet but the highest ive been offered was 92% so is it possible to get 100?

daltonmd

ap1986 wrote: »

i aint been lookin too much into it yet but the highest ive been offered was 92% so is it possible to get 100?

No - there are no banks giving this anymore.


daltonmd

Balmed Out

No. You could fraudulantly get a credit union loan and lie on your application, perhaps.

Why would you do it though.

Its an awful time to buy. Prices are dropping and will continue to do so. Each year your house could go down in value by 1 years salary. Thats at least 1.5yrs salary when including mortgage interest.

Do you read the papers. Bad enough to consider getting a mortgage but to do so knowing you havent even saved a suitable deposit not to mind stress testing etc etc.

Please dont. Save and wait, read all about the risks etc

quozl

ap1986 wrote: »

i aint been lookin too much into it yet but the highest ive been offered was 92% so is it possible to get 100?

Not any more. Fortunately the very foolish are protected from themselves in this one way now at least!

Victor

I imagine only in very exceptional circumstances. You and I are not exceptional circumstances. One example would be more akin to a bridging loan, where you expect large amounts of money, but are currently cashflow poor. Antoher would be where there is another unencumbered property over which the lender can take the deeds as security.

A 100% mortgage attempts to put all the risk on the lender, with much less risk to the borrower. If you defaulted in the morning, the lender wouldn't make their money back between costs, depreciation and stamp duty.

jetski

Balmed Out wrote: »

No. You could fraudulantly get a credit union loan and lie on your application, perhaps.

Why would you do it though.

Its an awful time to buy. Prices are dropping and will continue to do so. Each year your house could go down in value by 1 years salary. Thats at least 1.5yrs salary when including mortgage interest.

Do you read the papers. Bad enough to consider getting a mortgage but to do so knowing you havent even saved a suitable deposit not to mind stress testing etc etc.

Please dont. Save and wait, read all about the risks etc

Really?

http://www.reuters.com/article/2011/09/14/bankofireland-property-idUSL9E7JT02G20110914?feedType=RSS&feedName=financialsSector&rpc=43

noxqs

Well .. Titanic 'stabilized' for awhile too.

We think that house prices have probably stabilised in Dublin Bank of Ireland Chief Executive Richie Boucher told a parliamentary committee on Wednesday

I wouldn't trust a word out of them. I would, almost, trust an estate agent before I would trust bankers. But hey - can't blame 'em for trying to get the suckers back into the losers game. There's plenty of fools .. all the way down. Evidence is against them, 'soft landing' and 'bottomed out' since .. autumn 2008. I'll believe them when there is empirical evidence from the CSO or another body which isn't filled entirely with paid liars doing lipservice to vested interested, for 2-3 quarters in a row with no drops before I believe a bottom. And so should anyone else, really.

I'd take investment advice from a homeless junkie before I'd take advice from that lot.

paul71

jetski wrote: »

Really?

http://www.reuters.com/article/2011/09/14/bankofireland-property-idUSL9E7JT02G20110914?feedType=RSS&feedName=financialsSector&rpc=43

The gentleman quoted in that article was one of the main cheerleaders of the property boom. He has again proved his credentials by claiming property prices in Dublin are now stable, in the same month that the average property price has dropped by €300 a day.

While the article does come from Reuters a reputable news agency, the person quoted has a very tarnished reputation.

http://www.independent.ie/business/irish/new-leaders-needed-in-banks-or-trust-wont-be-restored-aynsley-2871862.html

fricatus

jetski wrote: »

Really?

http://www.reuters.com/article/2011/09/14/bankofireland-property-idUSL9E7JT02G20110914?feedType=RSS&feedName=financialsSector&rpc=43

I wouldn't believe an industry cheerleader for one second. Don't be taken in by this crap. The fact that it's reported by the very reputable Reuters only tells you that the guy actually said it, but that doesn't make it true.

The best source of information on what's happening with house prices is the CSO's monthly RPPI, which you can find at http://www.cso.ie/

It's published at the end of each month, and here's the most recent one: http://www.cso.ie/releasespublications/documents/prices/2011/rppi_aug2011.pdf

Prices will have really "stabilised" when you see the graph flattening out. It's doing nothing of the sort right now.

Balmed Out

jetski wrote: »

Really?

http://www.reuters.com/article/2011/09/14/bankofireland-property-idUSL9E7JT02G20110914?feedType=RSS&feedName=financialsSector&rpc=43

as everyone else said and also remember that much of the country has a long way to catch the falls in Dublin. Areas with little being sold havent had the same price falls and theres still a bit of a who will fold first buyers or sellers. Where im looking theres normally around 180 houses on the market with less then 10 sold each year and their nearly always at the cheaper end of the market.

daltonmd

paul71 wrote: »

The gentleman quoted in that article was one of the main cheerleaders of the property boom. He has again proved his credentials by claiming property prices in Dublin are now stable, in the same month that the average property price has dropped by €300 a day.

While the article does come from Reuters a reputable news agency, the person quoted has a very tarnished reputation.

http://www.independent.ie/business/irish/new-leaders-needed-in-banks-or-trust-wont-be-restored-aynsley-2871862.html

It's pretty ironic really - one of our "pillar" banks, who are not lending money, tells us that we have now reached the bottom of the housing market.

Hmmmm


daltonmd

Icepick

WTF, they still offer 80% ??