100% mortgage

[julian]

they are even giving 100% mortgages and no payments at all for the first 3 years for their own repossessions !

[katy]

They can afford to those bank repos are seriously overpriced.

[julian]

you don´t walk in and offer the asking price !!

[Jool]

The bank offering 3 years nothing to pay does NOT allow you to have a mortgage to cover the taxes.........I know several people who tried to get them included and were turned down, so its not a black and white situation and policy is stated as mortgage for property price only.....

[julian]

did anyone say otherwise?
"they are even giving 100% mortgages and no payments at all for the first 3 years for their own repossessions "

[Bowler]

I think a number of posters here could do very well as comedy writers, particularly Julian

[julian]

yes RetroP

[markwilding]

I think a number of posters here could do very well as comedy writers, particularly Julian

Didn't you write this? A real post to be laughed at....

wait till he has 50 grand in the bank then he can think about buying a 100 grand property.
Sorry if this sounds like raining on your (or his) parade but it's true.

How many people do you know can save 50 grand in a short period of time? The person that can, wouldn't really need a mortgage at all for 100 thousand because in the next short period of time would have enough money to buy the property outright.

[Mowser]

I wonder how the property boom is doing in Andorra ...

[markwilding]

Expect it to really heat up over the next few months but it will start cooling down during early October and everything will be really cold again by December

[ian.wilson]

You can get up to 109% mortgages in Spain at the moment but you must prove that you can pay the repyments, so lots of paperwork to provide. You can get a 100% mortgage with the first 24 months as interest only, some of our clients are using this option. On a brand new never lived in bank repossession apartment @ Sale Price from bank of €121.000 (2 bed, 2 bath, cream marble floors throughout and near the beach) including the 24 months interest only option are only paying approx €200 per month in repayments. This is only for the first two years though so it will go up after that. There are many non residents and Spanish people taking advantage of these deals It has been hard for many young Spanish people in the past to get onto the property ladder. You will not get a deal like this on a normal resale property, only on the banks own distressed property stock. Developers are calling it unfair trading as they cannot in general get more than a 70% mortgage for thier properties, and the same goes for resales.

Regards
Ian

[Jool]

It IS unfair trading and is because the banks want to dump all their rubbish properties, pure and simple manipulation of the market, as if the banks have not done enough harm already.

[julian]

I agree it is unfair trading, but the properties are not rubbish, they are perfectly good homes and commercial premises of people who couldn´t pay their mortgages..the properties are just as good as any other properties, but it is unfair trading.

[frank]

It IS unfair trading and is because the banks want to dump all their rubbish properties, pure and simple manipulation of the market, as if the banks have not done enough harm already.

After the 2 year honeymoon period they'll probably get half the properties handed back anyway.

[julian]

"as if the banks have not done enough harm already"

I´m not sure if it´s fair to put the blame only on the banks, for every mortgage the banks gave to someone who later couldn´t manage the payments there was also a person who couldn´t manage to make the payments he had signed and agreed to make...it seems 50-50 responsibility to me.

[scampicat]

Is it April Fools' Day?

Why would anyone want 100% mortgage when house prices are falling?

[julian]

to buy a home to live in?

[Mowser]

Why would anyone want 100% mortgage when house prices are falling?

If you can get a bargain and if you can afford it ... why not?

[katy]

And straight into negative equity. Isn't all this foolish borrowing that started all this mess

[julian]

there are some properties that can be bought from the banks today at 100% mortgage and sold on at a profit within weeks......while the negatives are sitting at home being negative others are out there making money from property, even now.

also some people want a home to live in, long term, they are not concerned if the value is less a while later, they are in it for long term, to live in, to make a home...when they sell many years later it will be worth much more.