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One hundred percent mortgage |
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One hundred percent mortgageA loan for the full cost of the home you are buying if are unable to raise a deposit to buy a property. You may have no existing equity, no savings, be using up all you do have on the other costs of the move, or perhaps be saving what you do have so that you can fix up your new home when you do buy it.One hundred percent mortgage Similar MatchesLow start mortgageLow start mortgageThis is like a repayment mortgage, but with a difference. In the introductory period, only interest is paid back to the lender and not any of the capital outstanding. After this period, the repayments start in earnest. The total amount of interest and repayments over the life of the year are higher than with a normal repayment mortgage, but this sacrifice can be worth it if you need to severely restrict your outgoings during the low start period. H Hard Money MortgageH Hard Money MortgageA mortgage given in return for cash, rather than to secure a portion of the purchase price, as with a purchase money mortgage. Repayment mortgageRepayment mortgageA mortgage where throughout the term, regular payments (usually monthly) are made to partly repay interest on the capital and to partly repay the capital itself (the amount of the loan).Initially the largest proportion of the repayments will be used to pay interest since the capital amount outstanding is at its highest value. Therefore over the initial years the capital will not reduce very much. However as the years proceed more and more of the monthly repayments will be applied to reducing the capital until towards the end of the term the large proportion will be paying off capital and a small proportion paying interest.In the event that interest rates rise then often the monthly repayments will rise accordingly. Alternatively, to keep the same monthly repayments the term will need to be extended. If interest rates fall then the reverse applies. It is usually a requirement of the lender (that is, a building society or bank) providing the mortgage that the borrower takes out life assurance so that repayment is made in the event of his/her death during the term. Portable mortgagePortable mortgageThe mortgage can be transferred from one property to another without incurring penalties. Graduated Payment MortgageGraduated Payment MortgageA mortgage or deed or trust calling for increasingly higher payments over the term of the loan. This allows the buyer low beginning payments. The payments then increase as (theoretically) the buyer's earnings increase. Further SuggestionsGEM (growing equity mortgage)Conventional mortgage Pension mortgage Private Mortgage Insurance Mortgage pool Shared appreciation mortgage Interest only mortgages flexible mortgage account Shared Appreciation Mortgage (SAM) Freddie Mac (Federal Home Loan Mortgage Corporation) mortgagee mortgage protection Insured Mortgage Real Estate Mortgage Investment Conduit (REMIC) Mortgage Life Insurance Deferred interest mortgage Government insured mortgage Flexible mortgage Stepped fixed rate mortgage capped rate mortgage mortgage indemnity Self certification mortgage First mortgage mortgage interest relief at source First Mortgage |
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