Choosing a 100% mortgage is a very important decision. It is a loan that you take on for between twenty and thirty years normally and although you can change lenders in some circumstances, it is most likely that you will stay with the same one for a long time. You may even be tied in, if you go for a fixed interest rate.
This means that it is really important to make sure that you are making an informed decision. You need to find out about the features that the different policies have and think about what you want. The types of things that you will need to be thinking about are the interest rates, administration costs, charges, customer service, reputation of lender and flexibility. It is important to think about the future and what you needs might be then, as well as the present and what you need now. This can be difficult, because no one can predict the future, but it is worth doing and thinking about as you can make some assumptions about what might happen.
You need to consider the cost of the mortgage first. This does tend to be the most important factor. You want to make sure that not only can you afford it now, but that you think you will be able to in the future. You may be a two income household and you need to consider what might happen if one of you needs to stop work or loses their job, for example. You need to consider what might happen if your expenses increase. Alternatively if your income increases will you be able to make overpayments.
You also need to consider your lender. Think about how flexible they might be if your circumstances change or if you want to change your mortgage. Find out their reputation and whether they are highly regarded. Talk to their customer services and see how helpful they are at answering your questions. There are a lot of things to consider, but with such a big amount of money to borrow, it is important that you do take time to consider it all.