- Eliminate initial costs. 100% LTV remortgages are for people with little savings. This type of remortgage covers the entire cost of purchasing the property, and it eliminates the need for a deposit. 100% LTV remortgages are now almost impossible to find. This is as a result of tighter lending criteria following the recent property market crash.
- One-off fees are still applicable. Although no deposit is required, one-off fees like application and broker fees, stamp duties, and legal fees are not covered.
- Higher than average interest rates. 100% LTV remortgages carry a higher than average interest rate because the lender is taking on a large amount of risk.
- Could result in a negative equity situation. if the property market crashes (as it did recently), you may be trapped in a negative equity situation because you will have borrowed more money than your property is now worth.
Protect and Prosper!SimplyFinance seeks to inform and support consumers through their personal finance journey. We have loads of guides, calculators, and the quickest and easiest access to free online quotes in the areas you need:
- Get LIFE INSURANCE now! Provide for your loved ones financially in the event that you should die unexpectedly.
- Need a LOAN? For those times when you caught short, or have a larger purchase you wish to make and pay off in instalments.
- Get rid of your DEBT! Managing debt can be scary - empower yourself and start your road to debt-freedom now with a debt management solution.
- FREE MORTGAGE QUOTE. Purchase your first home, investing in property, remortgaging to get the best rate - there is a host of information out there, and SimplyFinance will guide you to find the right solution for you, with the lowest rates.
- Get INCOME PROTECTION Now! Illness, injury, or redundancy can strike, leaving you unable to work or pay the bills. Income protection insurance can replace a proportion earnings, so that you can meet your financial commitments and cover your living costs.