100% Mortgage: Hope for the hopeless
By: Ruth Stanhop | Posted: 10th May 2006
100% mortgage is for those persons who are completey unable to make a downpayment while going to buy a house with the help of a mortgage. It remains an ideal option for those who have just started their career but want to buy a house of their own.
As the price of house is rising day by day most of the middle class people are unable to accumulate the amount which they can use as down payment. But they are capable enough to clear their monthly repayment of a 100% mortgage. Mortgage lenders are aware of this fact. So in order to capture the vast majority of the middle class borrowers they offer 100% mortgage.
The criteria of qualifying for a 100% mortgage vary from lender to lender. Typically a good credit record along with a large cash reserve regarded as enough qualification. However, a good credit record is not a must for qualifying for a 100% mortgage. There are lenders who offer 100% mortgage irrespective of credit record.
A very few of the exceptional lenders may be hesitant in offering 100% mortgage. So it is necessary to explore the market to get a suitable lender. Generally a slightly higher rate of interest is charged by the lenders. But exploring the market will give you access to a variety of lenders.
You can take quotes from them and choose the most favourable 100% mortgage package through comparison. No need to be worried about meeting lenders and taking quotes from them. Due to the availability of online lenders you can perform your work through Internet from anywhere and at anytime.
About The Author The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-First-Time-Buyer as a finance specialist.
For more information please visit:http://www.adverse-credit-first-time-buyer.co.uk
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Tags: quotes, borrowers, rate of interest, adverse credit, mortgage lenders, first time buyer, downpayment, middle class, mortgage package, business writer, masters in business administration, masters in business, authoritative articles, finance industry, finance specialist, suitable lender, mortgage mortgage