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Current 95% First Time Buyer Mortgages
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# 1
Neil12
Old 05-05-2009, 7:01 PM
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Default Current 95% First Time Buyer Mortgages

What is the best 95% LTV mortgage at present (MAY2009) for a first time buyer ?
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# 2
Kavanne
Old 05-05-2009, 9:55 PM
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There aren't any?
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# 3
allan673
Old 05-05-2009, 9:55 PM
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dont know of any 95% mortgages now??? theyve all gone.

the best 85% i know is halifax 5.71% 5 yr fix, although there are a few 90% mortgages available with higher rates still.
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# 4
Neil12
Old 06-05-2009, 8:54 PM
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Is the one offered by Yorkshire Bank any good ?
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# 5
poppy10
Old 06-05-2009, 9:03 PM
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http://www.money.co.uk/mortgages/95-mortgages.htm
This post is sponsored by MoneySupermarket
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# 6
happybroker
Old 06-05-2009, 9:05 PM
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wasn't aware they did one neil, if they ar e doing it will be good as it is probably the only one.
Happily an ex mortgage broker!
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# 7
_Andy_
Old 06-05-2009, 10:08 PM
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I believe HSBC will do 95% for graduates.

Why anyone would want a 95% purchase in today's market is beyond me.
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# 8
riles
Old 07-05-2009, 8:44 AM
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Quote:
Originally Posted by _Andy_ View Post
I believe HSBC will do 95% for graduates.

Why anyone would want a 95% purchase in today's market is beyond me.
95% today will probably be a lot less risky than 95% in September 2007 turned out to be.
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# 9
maninthestreet
Old 07-05-2009, 8:59 AM
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The overwhelming majority of the 95% mortages shown on the link posted by poppy10 are for existing customers only, so would be of no use to a first-time buyer.
"You were only supposed to blow the bl**dy doors off!!"
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# 10
Neil12
Old 08-05-2009, 6:27 AM
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Well I've found out more about the Yorkshire Bank . They do still offer the 95% LTV mortgage for First Time Buyers @ 6.99% fixed over three years then switching to their std variabe rate. You can also make overpayments but they have to be regular. To me 6.99% is till low in comparison to 10yrs ago etc and in comparison to what it will be in a year and a half when inflation takes hold of the economy. I must add though that we're not taking a big gamble in buying a 3 bed semi for just over 100k.

I'm not sure about other first time buyers but it's the requirement for large deposits that I think is stalling the amount of FTB's n the market. If the banks and economy are now recovering as the FTSE seems to suggest, then the banks maybe should start offering such 95% deals again but pay more heed to their applicants particular circumstances...for security of employment etc.
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# 11
spectre
Old 08-05-2009, 6:35 AM
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Quote:
Originally Posted by allan673 View Post
dont know of any 95% mortgages now??? theyve all gone.

the best 85% i know is halifax 5.71% 5 yr fix, although there are a few 90% mortgages available with higher rates still.

just for reference, Natwest do a 5.49% fixed for 5years or 5.29% fixed for FTB`s with 85%LTV
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# 12
adamzetec
Old 08-05-2009, 10:45 AM
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Quote:
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just for reference, Natwest do a 5.49% fixed for 5years or 5.29% fixed for FTB`s with 85%LTV
This rate doesn't exist. I have just called Natwest and the deals on their website are currently upto date.

Where did you get this information from?
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# 13
Hadrian
Old 08-05-2009, 11:10 AM
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If the banks and BS's have learnt anything it's that 100% or more mortgages are what got us in this critical financial state that we now find ourselves in. Statistically the higher loan to value mortgages the greater the chance of the recipient defaulting on the loan. The only way to regain some sanity in the housing market is for to keep deposits at least at 10% and some rigid form of investigation into the applicants financial standing. If that sounds hard then it's what used to be the case pre the 1980's. It is generally believed that the relaxation of these 'rules' was the major cause of the crisis we will have to shoulder for the next decade. so...save every penny for the deposit and wait until house prices bottom in a couple of years. My opinion, for what it's worth, is that the majority of houses are at least 10/15% overvalued.
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# 14
spectre
Old 08-05-2009, 2:51 PM
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Quote:
Originally Posted by adamzetec View Post
This rate doesn't exist. I have just called Natwest and the deals on their website are currently upto date.

Where did you get this information from?

its written on my agreement paper, 5yr fix 5.49% till 290614 85% LTV.

Call the mortgage line i got this rate on Wednesday morning of this week.
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# 15
spectre
Old 08-05-2009, 2:52 PM
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Quote:
Originally Posted by spectre View Post
just for reference, Natwest do a 5.49% fixed for 5years or 5.29% fixed for FTB`s with 85%LTV

the 5.29% is for a 2yr fixd offer sorry just spotted that

5.49% is valid for 5yrs though
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# 16
unite79
Old 08-05-2009, 3:52 PM
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Quote:
Originally Posted by Hadrian View Post
If the banks and BS's have learnt anything it's that 100% or more mortgages are what got us in this critical financial state that we now find ourselves in. Statistically the higher loan to value mortgages the greater the chance of the recipient defaulting on the loan. The only way to regain some sanity in the housing market is for to keep deposits at least at 10% and some rigid form of investigation into the applicants financial standing. If that sounds hard then it's what used to be the case pre the 1980's. It is generally believed that the relaxation of these 'rules' was the major cause of the crisis we will have to shoulder for the next decade. so...save every penny for the deposit and wait until house prices bottom in a couple of years. My opinion, for what it's worth, is that the majority of houses are at least 10/15% overvalued.

I dont think the current state has a a massive bearing on high LTV, more Banks diverting into high risk income streams in different countrys, namely America.

A number of leadig Economists are starting to call the bottom of the market, waiting 2 years does not sound Ideal in my opinion!
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# 17
unite79
Old 08-05-2009, 3:54 PM
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Defaulting on a Loan, probably has a massive bearing on someones abilty to meet the Mortgage Payment - Unemployment has risen DRAMATICALLY over the last 6-12 months - Unemployment does not just effect those with High loan to Values.........
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# 18
marklv
Old 08-05-2009, 4:01 PM
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I'm glad I bought in 2005 with a 40% deposit - but then I was 38 at the time!
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# 19
emmahane
Old 10-05-2009, 8:29 PM
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did you ring yorkshire bank re the 95% deposit as they are not advertising i ton their website
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# 20
Tiddler
Old 10-05-2009, 11:46 PM
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Still on their website

http://www.ybonline.co.uk/personal/m...s-and-charges/
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