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Contents at a Glance
100% Mortgage Loans
get 100% mortgage - think about it
Banks are commercial entities - businesses out there to make a profit. So before you apply for a loan consider things carefully and ask yourself, would you lend the money to yourself if you were the bank?
If the answer is no - why not? bad payment history? If this is so then its best to clean up your financial image before you apply.
Every application gets logged, log too many in a small space of time and like it or not, you start to look desperate for money. If you look desperate, banks will shy away from you and turn you down. This is a fact of life and I have seen this happen with loans many times.
Get your whole picture looking as clean as you can, almost all finance (utilities, credit cards, water bills, electricity and even contract wireless or mobile phones and broadband) involve you being credit scored and it shows each time. It also shows your payments and if you are even a day late, it will sometimes register.
The biggest problems I've seen usually involve the finance you "forget" or overlook.
E.g. Catalogues, mobile phones and storecards - yes they still show so if payments are late, and I've seen people declined £5k loans because of a £25 non payment that just got overlooked.
Then instead of you looking at a perfect profile of:
000000000000 (each 0 represents a month of the year and payment on time for that month).
If you fall behind, you will look like:
010000000000 - this tells the bank you fell a month behind in the 2nd month.
A very poor profile may be:
000001232323 - this shows you are regularly 2 -3 months behind on payment for that loan.
If it falls 8 months behind, it is a status 8 and this because a default and courts may get involved.
Bear in mind every item of credit shows like this and its easy to see how forgeting to pay for a bill for a couple of months and also be interpreted that you cannot manage your debts, and if you cannot manage what you have, why on earth would they lend you anymore? - makes bad business sense from their perspective, they don't know you lost the statement!
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How to improve your 100% Mortgage Application
Once you have improved your credit payments, take a look at how much credit you have. Is it messy and spluttered payments going out at all times of the month and hard to control? Then maybe worth a consolidation loan (once you have cleared as much as you can), to tidy it up and keep it in order.This again demonstrates your ability to effectively manage your finances and potentially your mortgage.
Once your finance are in order you then need to set about finding a property worth investment. Remember the bank is always thinking worst case scenario and how they can recoop their money if they have to, so ensure the property is worthy of a 100% mortgage investment.
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