Is a 99% mortgage really that bad?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 29 March 2024
⏱️ 46 minutes
🧾️ Download transcript
Summary
Hot on the heels of the Budget plan that never appeared arrives Yorkshire Building Society's new deal, that's been dubbed a 99 per cent mortgage.
But is it really one of those and does it have any redeeming features?
And if it's cheaper than you rent, is there anything wrong with taking a 99 per cent mortgage?
On this week's This is Money podcast, Georgie Frost and Simon Lambert talk tiny deposit mortgages, negative equity and buying vs renting.
Plus, gift card draining scammers, can your pension last retirement, and finally, where are the experts investing their Isa and how can you easily sort yours?
Transcript
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| 0:00.0 | Welcome to This Is Money podcast sponsored by Charles Stanley Direct. I'm Georgie Frost and it's me and Simon Lambert today. |
| 0:09.2 | And coming up, a new mortgage deal from Yorkshire Building Society means first-time buyers could get on the property ladder with as little as 1% deposit, genius or a potential trap. |
| 0:20.1 | Watch out, shoppers are being warned of a new gift card |
| 0:22.6 | draining scam. How much is enough to retire on? Simon answers a reader question. And finally, it's |
| 0:28.9 | that time of the year. So where are the experts investing their ices? Don't forget getting |
| 0:34.1 | stopped to date with all the latest breaking money news just go to this ismoney.co.com |
| 0:37.5 | or download or app. With our comprehensive range of investments, trade in shares, funds, |
| 0:57.8 | investment trusts and ETFs, there's a range to suit all levels of investor. Choose your own |
| 1:04.2 | or consider our ready-made solutions. Charles Stanley Direct. Sign up now. Investment involves risk. But first, aspiring homeowners can now |
| 1:13.6 | get a savings account designed to help them save for a deposit from Yorkshire Building Society. |
| 1:18.7 | The new regular saver deal comes alongside its 99% mortgage, which was launched this week and allows |
| 1:25.2 | first-time buyers with a five-grand deposit to buy a property for up to half a million pounds. |
| 1:30.7 | It means they'll potentially be able to get on the ladder with as little as 1% deposit. |
| 1:35.4 | Simon, welcome. |
| 1:37.3 | How does it all work? |
| 1:38.7 | I presume you don't need the savings account to get the 99% mortgage. |
| 1:42.9 | It's just a way to help you get there. But just |
| 1:44.6 | explain how it all fits together what Yorkshire is doing. Okay. So what Yorkshire Building Society has |
| 1:50.3 | done has released what has been described as a 99% mortgage or a 1% mortgage. Depends which side of |
| 1:55.7 | the coin you want to look at it from. But it's the same thing. And that's quite controversial, |
| 2:00.0 | because people buying with very small |
| 2:01.7 | deposits leaves them exposed to the potential of negative equity, which is sure something that we'll |
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