First of all, you should know that 100% mortgages exist. We are talking about a financial product that allows us to obtain the full cost of the property we are interested in, without the need to contribute any money to the banking operation. But how to get them? Is it easy? Which banks offer them? We tell you everything you need to know in the following guide.

100% Mortgages: What are they and how to get one?

As we mentioned, a 100% mortgage is the operation in which the total value of the property intended for purchase is financed. It is one of the most attractive options that banks have, because the interested party does not need to have savings. In fact, it is aimed at those who do not have savings or those who have a great financial capacity and are highly trusted by the bank. Because both profiles can apply.

Who is this type of mortgage for?

It is a type of mortgage that is primarily aimed at two user roles:

• Client without savings: the user who wants to buy their first home and lacks savings, but who has a good guarantee to back them up or has just secured a permanent position and the bank knows they will be paid. It may also be that they are guaranteed because the operation is very low (a property that costs very little money) and that the project has convinced the bank to the point of betting on it.
• Client with solvency: it can also be for the case of a client who lives off rental income and is dedicated to buying to rent. At this point, if they can put up other properties as collateral, they may be able to obtain the 100% mortgage without any problem and pay the monthly mortgage payment with the income they receive from the rent.

These are the most common points, but there may be other different cases. However, banks like stability and knowing that they will be paid. Therefore, they tend to grant 100% mortgages to solvent clients, with savings capacity, with a permanent position or guarantees.

Are they still offered today?

Although they are difficult to obtain, they exist. That is to say, it is not a lie or a rumor. It is still possible to obtain 100% financing for the purchase of your home. So, if you are interested, know that you can access one, although you will have to fight for it.

Tips for obtaining a 100% mortgage

Do you want to get your 100% mortgage? These tips will be very helpful:

• Negotiate through a mortgage broker: this is the option we offer from Gumper. A mortgage broker is an expert who can access cheaper and more suitable offers for you, which helps you expedite the mortgage application process and gives you more negotiating power at 100%. Let’s say that if you don’t achieve it, this investment can help make it possible and feasible. If you are interested, contact us.
• Good financial profile: there are profiles that are more viable for obtaining a 100% mortgage than others. For example, people who have a stable job, earn a lot of money, have no debts, are up to date with their payments, etc.
• Buy bank-owned properties: there are banks that sell housing and have much more manageable conditions than others. These are transactions with fewer requirements that can finance the total purchase price.
• Guarantors: the issue of guarantors can give you many more possibilities, because it brings you closer to that 100% mortgage even if you don’t have savings. It involves negotiating by putting up another property or a family member with a good profile or a stable job as collateral.

> Your 100% mortgage made easier with Gumper

We start from the premise that financing is often needed, especially if buying for the first time. In fact, 8 out of 10 buyers finance their purchase. The key is to have a real guarantee, that is, to know the % of financing needed and the buyer’s payment capacity, their debt capacity.

It should be noted that banks usually offer 80 or 85% of the appraised value if the payment does not exceed 33% of the buyer’s debt. But it is possible to negotiate, separately, the 100% of the appraised value. This is what we do at Gumper through our financing service, where we offer you mortgages with the best conditions.

Through our financial department, we help you get the ideal mortgage for you, tailored to your current situation and according to your needs, so you don’t have to worry about anything or deal with banks.

You are one step away from getting your 100% mortgage with Gumper. We help you find the best loan for you through our financial department. Book a free appointment with our financial advisor now.

Do you have any questions? Ask us.