100% mortgages allow you to borrow the full purchase price of a property, so you don't have to find a deposit. However, the advantage of having a deposit towards your purchase is that it means you'll generally find you have more choice of products and probably at a lower interest rate than if you didn't have one.
Nevertheless, some mortgage lenders try to be as helpful as possible to first time buyers, and there are some good deals around for 100% mortgages. Lenders may also offer a range of inducements and incentives, such as paying for your stamp duty or legal fees, but if you take advantage of such an offer, you will pay a higher interest rate for these mortgages and will probably have to pay a Higher Lending charge.
Mortgage Dimensions makes finding the right 100% mortgage easy for you...With thousands of mortgage products on offer from hundreds of lenders, and eligibility requirements that vary between them, it makes sense to take advantage of our expertise and inside knowledge of the mortgage market - and save yourself the time and worry. Not only can we recommend the 100% mortgage most appropriate to your needs, but we'll look after your application throughout the whole process, from beginning to end, ensuring that everything goes smoothly, with the minimum of fuss and no delay....and there's no fee for out service!
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