100% Mortgages with No Savings!
A client had built up going to see the mortgage man at the bank this morning into something akin to going to the dentist when you know you need to have teeth pulled. It’s silly really, I mean he was only about to sign away 25 years to paying back the biggest debt of his life!
There was not much time to worry about it this morning as he woke up late then had to spend time digging his car out of the snow. The journey to the bank, which should have taken him 20 minutes, apparently turned into an expedition Scot would have been proud of as the city seems to come to a standstill with even the tinniest bit of snow.
Sadly the fact that he needs a 100% mortgage and has no savings means he's limited to the amount of money they will give me (stupid business sense). And the fact that housing prices are booming means the amount of money they will give will maybe get a studio flat in a slum.
That was a little disappointing and his dreams of a nice two bed terrace house in a suitable area crashed and burned. Still all is not lost – paying money into a flat that will one day (in the distant future) be his seems a bit better than paying rent to someone else even if he does need an armour plated car and bullet proof windows to live there!