03 Jul 2022

Are there any 100% mortgages?

How to Get Approved for Two Mortgages

Technically, there are 100% mortgages, but they are rare to come by. Not a lot of banks or lending institutes allow 100% mortgages because they are huge risks! The repayments both monthly and fortnightly are very high on these mortgages, leading to tricky payments for borrowers.

The institutes that do offer these types of mortgages are picky, understandably, and require some kind of deposit or guarantee that the repayments will be made in full. The best way to have a good chance for approval is to have everything ready! For example, having the paperwork and evidence ready for your application will make the process go quicker and smoother.

Co-borrowers and guarantors also show lending institutes that a borrower is serious and trustworthy. For example, both co-borrowers and guarantors  have equity and property on the line that is equal to the value of the house that you are buying.

All in all, 100 percent mortgages are not recommended unless it is your No. 1 priority, with exceptions. They are expensive and can be risky for both borrowers and the lending institute. Instead of looking for 100% financing, focus on speaking with an expert Mortgage House specialist on the loan options that work best for you.

100% Mortgages Conclusion

Are you still unsure how much to borrow? On our Mortgage House website, we have an online mortgage calculator. It is easy to use and you only need a few key pieces of information to help you find solutions.

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