The Property Nomads99% LTV Mortgages are HERE - but act with caution!
Rob discusses the return of 99% loan-to-value mortgages, specifically focusing on a fee-free deal offered by Yorkshire Building Society for first-time buyers. While this may seem like a great opportunity, Rob stresses the importance of understanding the potential risks and economic factors involved in high loan-to-value mortgages.
KEY TAKEAWAYS
- 99% loan-to-value mortgages are back, but it's crucial to consider the potential risks and implications.
- Yorkshire Building Society is offering a fee-free deal for first-time buyers with a £5,000 deposit and the ability to borrow up to 99% of the property value.
- It's essential to understand the general economics of housing before committing to high loan-to-value mortgages to avoid potential pitfalls.
- Having a plan B in case the market turns against you is crucial when opting for high loan-to-value mortgages to prevent becoming a mortgage prisoner.
- Consider all economic possibilities, especially if taking out a five-year fixed mortgage, to make informed decisions about purchasing or refinancing a property.
BEST MOMENTS
"But the thing with 99% mortgage or the thing with high loan to value mortgages is you've got to be very careful."
"A lot of people don't seem to take into account the general economics of housing. And that's quite concerning."
"You have to have a plan B for if the market turns against you."
"Please try and understand the generic economics of what's going on at the moment."
VALUABLE RESOURCES
GET YOUR PROPERTY DEVELOPMENT FINANCE HERE:
https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration
SOCIAL MEDIA/CONTACT US
https://linktr.ee/thepropertynomadspodcast
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
