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dredwerker

100% Mortgage - Offered In My Local Estate Agent

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An exclusive mortgage for first-time buyers that is NOT available on the High Street. If it's a lack of deposit holding you back, this could be the answer you have been searching for!

We have a unique mortgage that could fast-track you to owning your own property sooner than you thought!

Offered in partnership with specialised British bank Aldermore, the new Family Guarantee Mortgage is available on loans of up to 100% of the value of a property, subject to a maximum of £250,000. This frees up first-time buyers from the nightmare of trying to save the 25% deposit typically demanded by most ordinary lenders.

This innovative mortgage product is not available on the High Street and is currently only available to our clients.

Cubitt And West Link

I wonder who is offering this? The firm of estate agents or a deposit and a bank arrangement.

I thought it would be one of those borrow 20% over 5 years and the Mortgage as well over the 25 years. I suppose it still could be.

Is it good or bad?

Desperation or Good idea as you can actually get a house :)

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Not new. The 'Family guarantee' bit gives it away.

This is not a 100% mortgage in any form of reality. You are putting up your parents money or house as collateral that you will agree to sign over on first charge if you go teets up.

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Not new. The 'Family guarantee' bit gives it away.

This is not a 100% mortgage in any form of reality. You are putting up your parents money or house as collateral that you will agree to sign over on first charge if you go teets up.

On other hand I just got through HSBC approval and they would not lend on a single application for 120000 with 30K deposit and single income in the region of 35k on grounds of affordability. Joint application no probs though.

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Cubitt And West Link

I wonder who is offering this? The firm of estate agents or a deposit and a bank arrangement.

I thought it would be one of those borrow 20% over 5 years and the Mortgage as well over the 25 years. I suppose it still could be.

Is it good or bad?

Desperation or Good idea as you can actually get a house :)

Can you let me know if they offer 125% I would be happy to go ahead if they do .

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Cubitt And West Link

I wonder who is offering this? The firm of estate agents or a deposit and a bank arrangement.

I thought it would be one of those borrow 20% over 5 years and the Mortgage as well over the 25 years. I suppose it still could be.

Is it good or bad?

Desperation or Good idea as you can actually get a house :)

So basically a guarantor mortgage then - these have been around for years.

As they have a whole house a collateral, as opposed to a miserly 25% deposit, its a nice safe bet for lenders, whom I suspect also charge over 6% for the privilege.

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Not new. The 'Family guarantee' bit gives it away.

This is not a 100% mortgage in any form of reality. You are putting up your parents money or house as collateral that you will agree to sign over on first charge if you go teets up.

I missed the family guarantee bit. I skimmed it twice as well :)

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I missed the family guarantee bit. I skimmed it twice as well :)

Well, Cubitt unt West are *rseholes, so I'm not surprised.

They really don't have any morals do they?

Can't wait till I see For Sale boards going up outside their offices. Couldn't happen to a nicer firm.

Edited by lorna1999

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Its not a 100% mortgage at all.

Its 100% of the property PLUS 25% of another property:

Aldermore Bank has launched a 100 per cent mortgage deal which will allow homebuyers to borrow the full amount of a property’s value, without putting down a cash deposit.

The small bank, which was launched in 2009, is the first lender to offer a new mortgage at 100 per cent since the widespread withdrawal of these high loan-to-value (LTV) deals during the financial crisis.

But to obtain the loan, potential homebuyers will need to secure a guarantor, such as a parent, grandparent or guardian, who is willing to support it.

This needs 25 per cent of the mortgage to be secured through a charge on the guarantor's own property.

Although the guarantor would not need to provide any money upfront, if the borrower’s property was repossessed they would be liable for any shortfall that the sale brings.

This means that the guarantor would need to be confident that the borrower they are helping out is in a sound state of financial play.

Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-2033878/Aldermore-launches-100-deposit-guarantor-mortgage.html#ixzz1aJon9b7A

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On other hand I just got through HSBC approval and they would not lend on a single application for 120000 with 30K deposit and single income in the region of 35k on grounds of affordability. Joint application no probs though.

And HSBC are one of the few not downgraded. Join the dots.

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Well, Cubitt unt West are *rseholes, so I'm not surprised.

They really don't have any morals do they?

Can't wait till I see For Sale boards going up outside their offices. Couldn't happen to a nicer firm.

Sounds like you have had probs with them :)

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Sounds like you have had probs with them :)

...maybe :ph34r:

Still shocking that they are promoting this ultimately-reposession-guarateed mortgage in a falling market, and dragging others into it. What happens when the 3 yr fix ends and the mortgagees are in negative equity, and possibly facing even higher IRs?

Barstewards...

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...maybe :ph34r:

Still shocking that they are promoting this ultimately-reposession-guarateed mortgage in a falling market, and dragging others into it. What happens when the 3 yr fix ends and the mortgagees are in negative equity, and possibly facing even higher IRs?

Barstewards...

This has to be a win win situation for sane people though.

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