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Wait.. they loaned 100% of the property value to someone with not much of a credit history?
by cjrp 5y ago
Wait.. they loaned 100% of the property value to someone with not much of a credit history?
- j_mo 5y agoYes, a few banks now offer 95-100% LTV mortgages for first time buyers. In our case, the bank required a savings account containing a 10% deposit in the name of a family member, which is returned to them with interest after 3 years (unless you fall into arrears). ~50% of that money was our own savings and the rest was from parents savings, which allowed us to get on the property ladder with ~1yr less saving and no cost to our families after the 3yr period.