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100% Mortgage? In a banking crisis?

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Actually, the new Skipton product – 100% mortgage, no deposit, but (they say) stringent borrower qualifications required (primarily, a good prior rental payment record), plus a small interest-rate premium – all seems sound from the lender’s risk-management point of view.  One assumes they’ll be pretty careful about getting their own valuation done, too.  Structurally this is all good, pragmatic RM – and moderately creative, to boot.  

When Miss D got her first mortgage recently she was in pocket immediately (on a current account basis), the payments being less than she was previously paying in rent.  That’s a dynamic the Skipton product arbitrages neatly.  Don’t know if that situation prevails everywhere; but it does in her part of London.

Commentators seemed to be fixating on the potential for negative equity.  Well, yes – but both parties ought to be able to take an intelligent view on that.  On the lender’s side, one assumes more pragmatic RM, relating to the specifics of the property and the profile of the borrower.  And for the borrower: hey, did you want (a) to get into property, (b) & without putting in equity – or not?

Go for it, Skipton.  Nice structure: hope you’ve got the details right.



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