Thursday, 17 August 2017

Return of the 100 per cent mortgage

NOT since 2008 has a 100 per cent mortgage been offered by a lender.

NOT since 2008 has a 100 per cent mortgage been offered by a lender.

Now Barclays is offering this with a three-year deal enabling buyers to borrow at a fixed rate of 2.99 per cent without having to find a deposit.

The only catch is that customers need family or friends willing to put 10 per cent of the home’s value in a Barclays savings account for those first three years. At the end of that period the money is returned with interest of 1.5 per cent above the Bank of England base rate.

Meanwhile, a report from the Halifax shows that delays in getting on to the housing ladder are leading to worries about retirement for many.

The Generation Rent 2016 report highlights young people’s concerns, including that one in three, 34 per cent, expect to work beyond retirement age to pay off their mortgage. Almost half, 44 per cent, are worried that they won’t be able to afford their mortgage payments in retirement.



Despite this, the report reveals that home ownership aspirations remain strong and that those late to the ladder are taking a range of measures to ease the financial burden.



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