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It was great for us that we could get a 100% mortgage.
Launchpad gives first-time buyers all the flexibility of renting with the ultimate ambition of purchasing the property at the end of the 12-month option, using all the money saved as a deposit to avoid the costly 100% mortgage option.
The average deposit being demanded of a first-time buyer stands at 25% - before the credit crunch some 100% mortgages were available.
The Council of Mortgage Lenders said more than 23,200 people who took out 100% mortgages in the year to March 31 could see falling house prices mean the amount they borrowed could be greater than the value of their properties.
The news comes as it was reported tens of thousands of people who took out 100% mortgages could face negative equity.
The bank's rules required first-time buyers to be prudent - they could no longer make the mistakes of those in previous years who had gained 100% mortgages - they ensured if you really wanted a home, you had to tighten your belt and provide a 10% deposit at least.
It is worth remembering 100% mortgages were available at that time to buy your council house which enabled many tenants to get on the property ladder and become home owners.
For those ready to make the move there's extra help in the shape of Chelford Homes' many incentive packages, such as a part exchange scheme, a shared equity scheme at 80%-20% on selected plots and 100% mortgages are also available.
Limits are still being drafted, but it is safe to say that the days of 100% mortgages are over, at least for now.
Other incentives include 100% mortgages, stamp duty relief, deposit-paid and shared equity schemes.
Although careful not to offer any contentious 100% mortgages, Northern Rock is planning to lend pounds 14bn in property loans over the next two years.
WITH the looming credit crunch and abandonment of 100% mortgages, first time buyers are struggling more than ever to get that essential first step on the property ladder.