choosing 100% mortgage deals
Since 2006 100%
mortgage deals have nearly doubled in volume.
Building societies and banks are offering different types of mortgage
deals to those without any large cash funds, savings, just to
invite people on the property ladder.
For a perfect mortgage deal people
are choosing the 100% option and figures estimated a 95% increase
since 2006, stated Brokers London & Country.
A broker also stated that 50% of people
had taken on a 100% plus loan.
Moneyfacts have found out that there
is a record of 155 such mortgages on the market.
The larger mortgages are more popular
with divorces; also people who have no large savings and first-time
The interest rate on a large mortgage
is 1 per cent higher than a loan, other lenders charge up to £1,500
or even £3,000. Experts say that this type of mortgage should
be cheap as there are many lenders on the market offering this
type of mortgage deal.
Last year 22,000 people at the
minimum choose the 100% mortgage deal, this information was forwarded
by the CML group, Council of Mortgage Lenders.
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