In the current climate, finding finance to get a mortgage may seem like it is impossible. So finding a bank to cover 100% mortgage seems like an impossible task. Or so we are lead to believe… There are infact banks lending and they will continue to do so, it is their business after all and their market is money, savings, lending, borrowing and mortgages!
In which case you need to ask what do you need to do in order to be successful in your request to get a 100% mortgage? You need to stop and think outside your own wants and thoughts for a moment. Climb into the shoes (boots or slippers!) of the bank manager and what they may be looking for in an investment. Think very carefully, if you were interviewing new customers applying for credit, what potential would you be interesting in seeing to convince you to lend?
Great payment history?
Funds available to make repayments?
Give it a few moments thought and consider the mortgage from the other side. In order to have a chance, look at yourself on paper and see if you can see what they are looking for. Do you find you do not match the criteria they are after, then there are 2 options open to you. Try to continue to apply and risk being refused on your applications, or you can take control and ensure you offer the bank your best shot at what they are looking for in a new mortgage customer by making sure each of these items on the list are the best you can get them to be.
Remember, to borrow the whole 100% mortgage is asking the bank to taketake all the risk in your investment, and you can’t expect them to do that without surveying and wheying up the risks in the equation, after all would you do it?! So make sure you, your credit and the property are all A1 on paper and ensure you have the best chance.