Best Buy Mortgage tables –100% Percent Mortgages
NOTE: since the credit crisis all UK lenders have withdrawn their 100% mortgage deals. You can see what was offered in the past using the links further down this page.
As soon as they start again we will show them to you !
Read more about 100% mortgages See All Best Buy Tables
Loan to Value
This is the percentage which shows the size of your mortgage vs the property’s value.
For example, if your mortgage is £80,000 and the property’s value is £100,000 the loan to value is 80%.
Mortgage Lender
This shows the company who is offering the mortgage loan. It could be any financial institution that offers and/or arranges mortgages. They could be an insurance company, a building society, a bank, a friendly society, unit trust managers and even supermarkets.
Rate
This shows the interest rate which will be applied to the mortgage loan.
Period
This is the length of time the interest rate applies.
Rate Reverts To
This is the variable interest rate this mortgage reverts to after the period
Fee
The arrangement fee. This is what the lender charges for setting up the mortgage and is is usually payable on completion of the mortgage.
It usually costs between £100 to £300 – or can be “free”.
Be careful here: This fee may be payable, even if your application doesn’t succeed. And there may be other charges for example an additional Application or Administration etc Fee. So check this beforehand.
Incentive
This could be any type of incentive that the mortgage lenders are using as a “loss leader” / marketing ploy. A typical example would be a cashback.
ASU = , sickness & unemployment insurance.
B+C = Buildings & contents insurance.
U = Unemployment insurance.
FTB = First Time Buyers only.
MIP = Mortgage Indemnity premium.
Redemption
When you take out a mortgage you have an agreement with the lender. This covers the amount you repay and is set for a particular period. The figure in the table shows the particular period.
For example you may have a mortgage for a three year fixed interest rate of 5%. If you want to get out of this deal before the three years is up you’d probably have to pay a redemption penalty.
This is a charge which supposedly compensates the mortgage lender for the time and expense of your leaving.