Many first time buyers struggle to get onto the property ladder because they are unable to save up a deposit. As house prices rise the minimum deposit is at least £10,000 on a £200,000 house. Many lenders such as the Halifax are offering 100% mortgages. The interest rate on 100% mortgages is usually a little higher than standard mortgages. 100% mortgages will only be available to people with good credit terms.
Other 100% mortgage lenders
- The Royal Bank of Scotland,
- Bradford & Bingley
- Northern Rock will lend up to 120%
- Abbey National
Also many local, regional lenders may be willing to lend upto 100% of the value of the house if you wish to buy in the local area. For example The Cumbria. ,Cheltenham & Gloucester