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100% Mortgage In Uk - Business - Nairaland

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100% Mortgage In Uk by eko4show(m): 6:53pm On Apr 06, 2007
Can someone , especially a foreign student get a 100% for a house in UK?. i learnt it is possible, any thoughts on this from the house?
Re: 100% Mortgage In Uk by LondonCool(m): 2:55pm On Apr 09, 2007
You can get one , BUT due to your residency status (Leave To Remain) you will be paying a VERY VERY interest rate. You will need to prove your income ? How do you intend to pay back the mortgage ? You would also be faced with the prospect of a negative equity in your property if the value of property falls (a major drawback of 100% mortgage).

To avoid the proof of income most Brokers will treat you on a Self Certification basis. They will package your application as if you are working self-employed, and they submit a 3 year Statement of account for you (Certified by an Accountant).

Holla me and can link you with appropriate Brokers who would understand your unique situation. Don't forget you need to budget for

Brokers Fee's = 1% of the cost of your property
Stamp Duty = 1% of the value of your property (Except its less than £150K and in a Govt designated regeneration area)
Accountants Fee's=For providing Statement of Account for your Self -Certification .Between £750 to £1200
Legal Fee's=For cost of conveyancing, Legal search,etc. £1,000 Approx.
Valuation fee's=£350 to £600.

And don't forget when your mortgage starts you will be paying one month upfront.(This wiped off my savings cause I was not prepared for it)  In other words, within the first month you will pay 2 months mortgage repayment.

There are deals where you would not even pay anything at all (excluding Broker's fee's ) -Stamp duty,Legal fee's ,5% Deposit & Valuation get paid for by the Developer on new properties (I got one for a Barratts property in Southampton), this could also depend on your UK residency status and credit reference score.

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Re: 100% Mortgage In Uk by eko4show(m): 3:21pm On Apr 09, 2007
can i have your contact pls. you may reach me on 07888639164
Re: 100% Mortgage In Uk by staceywalsh007: 9:43am On Jan 29, 2020
As per my view Shine Mortgages is the Best mortgage broker in the UK.

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