Things were very different just 12 months ago. Rising house prices quickly created equity, loan defaults were low and house repossession rates were minimal. In those times, lenders were happy to allow borrowers to take out a 100% mortgage. The world is now a very different place.
One of the biggest obstacles a first-time buyer faces, in terms of getting a foot on the property ladder, is raising a sufficient house deposit. The 100% mortgage helped many first-time buyers get round this problem, but this is no longer an option in the current economic climate.
Falling House Prices and Negative Equity
Falling house prices and the risk of negative equity have led to 100% mortgages being withdrawn from the market. Northern Rock got into massive financial trouble by over-exposing itself to property. They created a mountain of bad debt by offering 125% mortgages to borrowers. Loan default problems set in when the inevitable effects of house price falls and negative equity set in.
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