Barclays 100% mortgage DEAL - 2.99% until 30 June 2019
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Barclays 100% mortgage DEAL - 2.99% until 30 June 2019

21
Found 7th May 2016
Barclays offers 0% deposit mortgage to home buyers
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The Barclays rate is also competitive, set at 2.99% until 30 June 2019, making it the lowest-priced 100% deal.

The launch of the Barclays 100% mortgage brings the number of products aimed at borrowers who do not have a deposit to its highest since the financial crash. But, while would-be first-time buyers may be skimming the pages of Rightmove with new-found enthusiasm, there will be many who still can’t get their hands on a loan. The new breed of 100% loans comes with strings – or rather parents – attached.

Borrowers who don’t have a deposit have been able to choose between a handful of other lenders for some time. Challenger bank Aldermore launched a 100% loan in 2011, and several small building societies have followed. But we are nowhere near the market seen in the runup to the credit crisis: financial information firm Moneyfacts says there are now eight 100% mortgage deals to choose from, compared with 238 in August 2007.

Brokers say that the return of a mainstream lender is notable. “The small building societies and challenger banks have been quite good in offering them for certain people, but to have a big lender coming in is a game-changer,” says Andrew Montlake of mortgage broker Coreco. “We’re seeing more first-time buyers struggling to even raise a 5% deposit without help. This will prompt them to look at whether they can get on the property ladder after all.”

Barclays offers 0% deposit mortgage to home buyers
Read more
The Barclays rate is also competitive, set at 2.99% until 30 June 2019, making it the lowest-priced 100% deal.
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21 Comments
This seems a good deal, however it one major omission, the bank of Mum &Dad (or a guarantor) have to lock in 10% of the loan value in a Barclays savings account for 3 years, if the mortgage payment are up to date the money is then refunded with interest.
So you can have a 100% mortgage but a payment of 10% is still required just arranged in a different way.
You haven't mentioned the 10% of the house value a family member has to put into an account for 3 years.
is this the one where you have to open a savings account with equivalent deposit (from bank of mum and dad) which is stuck there for 3 years and if you miss any payments , they ( mum and dad) can't get there money back.
cold from me, just a marketing gimmick as you still need funds as a deposit
can you share a direct link pls
Silly offer. Chances are that folk who can't afford 5% deposit probably don't have the bank of mum and dad to lend them 10%.

You have to have sympathy for those trying to secure their first home. I just hope mortgage rates stay low for the foreseeable future.
Credit crunch mk 2
No offence to poster, but this is madness, has the banking sector learnt nothing from 2009.

Watch the film 'the big short', explains why a load of us received redundancy letters in 2009.
rigsby9

No offence to poster, but this is madness, has the banking sector learnt … No offence to poster, but this is madness, has the banking sector learnt nothing from 2009.Watch the film 'the big short', explains why a load of us received redundancy letters in 2009.



Yes but if screening is done correctly then it should be ok. Some people can easily afford mortgage payments because rent is often £1000+ a month but it's difficult to get a deposit together.
Have we learnt nothing...
artjom_v

Yes but if screening is done correctly then it should be ok. Some people … Yes but if screening is done correctly then it should be ok. Some people can easily afford mortgage payments because rent is often £1000+ a month but it's difficult to get a deposit together.



The good point about this is it saves the bank a fortune if they have to call in the debt, the money in the account is lost as well which is something they didn't have to fall back on in the good old days and it saves them having to go after the guarantor if they had one set up.

Anyone who wants to go for this should have a look at the article on thisismoney.co.uk

Edited by: "eslick" 7th May 2016
csf

Credit crunch mk 2




Imagine if only they did things like this back in 2007/2008 and it had gone pear shaped, they could have learned a lesson right there!
Edited by: "Graham1979" 7th May 2016
Seem's a good deal at that rate but would need to read the Ts&Cs especially with the 10% gaurantee. Problem is, compared to 10 years ago (at least for the south-east) is that even if you can offer a 100% mortgage, how many people can earn enough to cover the price of the house? You won't get a house for less than £300,000 in most of London (and flats aren't much cheaper) so you will need £50-60k to qualify.TBH if you are earning that on your own or as a couple you're already in a decent position and just need to improve a little. It's the ones earning a lot less than are in trouble.

I could only afford to buy as I had saved a decent deposit but lots aren't in that situation. My advise for anyone in their early 20s is save as much as you can so you have something later on. That's not to say you can't enjoy yourself but don't p**s your money away!
RedmanDealer

Seem's a good deal at that rate but would need to read the Ts&Cs … Seem's a good deal at that rate but would need to read the Ts&Cs especially with the 10% gaurantee. Problem is, compared to 10 years ago (at least for the south-east) is that even if you can offer a 100% mortgage, how many people can earn enough to cover the price of the house? You won't get a house for less than £300,000 in most of London (and flats aren't much cheaper) so you will need £50-60k to qualify.TBH if you are earning that on your own or as a couple you're already in a decent position and just need to improve a little. It's the ones earning a lot less than are in trouble.I could only afford to buy as I had saved a decent deposit but lots aren't in that situation. My advise for anyone in their early 20s is save as much as you can so you have something later on. That's not to say you can't enjoy yourself but don't p**s your money away!


These are exactly my thoughts... well said
rigsby9

No offence to poster, but this is madness, has the banking sector learnt … No offence to poster, but this is madness, has the banking sector learnt nothing from 2009.Watch the film 'the big short', explains why a load of us received redundancy letters in 2009.



Were still getting letters this year and every year since. Lol got made redundant in 2010 and 2014, and my current place is gonna be doing cuts shortly. The only people buying are the non UK bunch, and they don't need mortgages.

Edited by: "cf15" 7th May 2016
Seems an OK innovation ( to help folks get in the market ) - but as it doesn't apply to me I haven't read the small print - which is all important . Also don't know how good the interest rate is in comparison.

Is there anything in the small print (in the event of a house price crash ) that will prevent the guarantor from pulling out after 3 years ? or is it for better or worse ? I don't know I haven't looked into it - but would the guarantor be able to withdraw their money in 3 years or are there riders ? and what is the interest rate given for the deposit in the meantime .
Edited by: "rogparki" 7th May 2016
This is marketing fluff,10% deposit via BOMD instead of loanee
I'm an estate agent and this does concern me, all seems to be leading to another crash. Property prices where I am in some cases have gone up a third in one year! surveyors need to start downvaluing in order to hold the market back, bit counter productive as it doesn't help me in short term but I would rather see the market calm down about than another recession.
People been saying for at least the last decade wrong time to buy, prices mental, crash around the corner. Yet prices now in most areas at an all time high. The money people are making from their homes is more than their salaries, their pensions or anything else. Rent is just money down the bog. The bigger the mortgage the bigger the returns, I would say jump right in on this deal. My first house in 1999 seemed unbelievably expensive at £115000 in the south, sold it in 2006 for £230000. Next one was £350000, now worth £600000+.
csf

Were still getting letters this year and every year since. Lol got made … Were still getting letters this year and every year since. Lol got made redundant in 2010 and 2014, and my current place is gonna be doing cuts shortly. The only people buying are the non UK bunch, and they don't need mortgages.



​must be loving the redundancy packets
cikki100

​must be loving the redundancy packets



Well the 2014 redundancy pay would have been about a months wages if it was just what has to be given (and that's assuming after 2010 csf went straight into the next job ).
RedmanDealer

Seem's a good deal at that rate but would need to read the Ts&Cs … Seem's a good deal at that rate but would need to read the Ts&Cs especially with the 10% gaurantee. Problem is, compared to 10 years ago (at least for the south-east) is that even if you can offer a 100% mortgage, how many people can earn enough to cover the price of the house? You won't get a house for less than £300,000 in most of London (and flats aren't much cheaper) so you will need £50-60k to qualify.TBH if you are earning that on your own or as a couple you're already in a decent position and just need to improve a little. It's the ones earning a lot less than are in trouble.I could only afford to buy as I had saved a decent deposit but lots aren't in that situation. My advise for anyone in their early 20s is save as much as you can so you have something later on. That's not to say you can't enjoy yourself but don't p**s your money away!



Or find another job outside of London. £300k will get a nice 4 bed detached in most parts of the country.
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