100% mortgages

If you have limited or no funds to put towards your house purchase then a “100% Mortgage” may be the option for you.

mortgageforce™ has access to many lenders that offer this type of facility and we will guide you towards the most suitable deal for you. A 100% mortgage is provided when the mortgage provider lends you the full amount to purchase the property. If the house costs £100,000 you borrow £100,000.

These types of mortgages are limited as they represent a higher risk to the mortgage provider. This can also cause them to be less competitive than mortgages where the borrowing is 95% or less than the property value.

Often, the problems generally associated with getting a 100% mortgage are:

 • Costs and interest rates are generally more expensive than purchases where you contribute 5% or more of the property value.

•Higher lending charges charged by the lender can be expensive. Higher lending charges form a guarantee for the lender (an indemnity) that provides the lender with protection in the event of the borrower seriously defaulting on the mortgage payments.

•You may get tied in beyond the product end date. So if you get a discount for the first few years, you may be forced to pay at a standard, non-discounted rate for a period after the discount expires.

• If property prices fall you may owe more than the property value. This is called negative equity.

•Most loans are only available if you are over 21 years old and you must have a good credit rating.

Your home may be repossessed if you do not keep up repayments on your mortgage.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations available on request. All loans subject to status, valuation and security

There may be occasions where we may charge you a fee, which may depend on your circumstances. In these situations we will inform you at an early stage, the fee being no more than 1.75% of the loan amount.

Mortgage Force Ltd is authorised and regulated by the Financial Services Authority, and is entered on the FSA register (www.fsa.gov.uk/register) under reference 301046.