We at Letzi believe that this offer from Barclays is excellent news (mortgage) for the UK property market. After long time the first time buyers who are currently renting their properties will get a chance to buy “old build properties”, modify it as per their taste and even earn from appreciation it gets after renovation. Earlier all schemes were directed towards “new build homes” which literally meant, A builder adding extra mark-up to the properties because of higher demand for them through the scheme. Hoping other high street banks like Halifax, Natwest, Nationwide, Lloyds Bank will join Barclays soon this could without a doubt could restart the stagnant property industry which had slowed down because of high inflation.
Here are top points you need to be aware to get Barclays 100% mortgage:
- You would not be required to pay any deposit to buy the property
- You would not be required to pay any Lender’s fees
- You would not be required to pay any Valuation fee
- You wont be charged any Stamp Duty for property value of up to the £425,000
- 100% mortgage available for a property worth up to £600,000*
There are also, Some Key Criterias to get 100% mortgage:
- The scheme is available for first time buyers only.
- The property you are trying to buy must be used for residential purpose only.
- The scheme is available to British, EEA nationals and applicants with indefinite leave to remain in the U.K.
- You should be renting for at least 12 months to qualify for the scheme
- You should not have any adverse credit information on your credit check
- This scheme is not available on new build flats
Understand the financial aspects of property investment, including mortgage strategies.