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  • FIRST POST
    • Karent
    • By Karent 17th Mar 17, 2:01 PM
    • 1Posts
    • 0Thanks
    Karent
    New Build Mortgage 90% LTV
    • #1
    • 17th Mar 17, 2:01 PM
    New Build Mortgage 90% LTV 17th Mar 17 at 2:01 PM
    Hi
    We have been looking at a new build house which is possibly going to be released in the next 6 weeks or so. Our current position is that we have a house with no mortgage which has not yet sold. We do not want to miss out on the new build as they are few and far between in our location. We have enough saved for a 10% deposit but I need to know if there are any lenders out there that will consider a 90% LTV on a new build? Also in a lenders eyes I am classed as self employed as I am a 40% shareholder in a ltd company so that would need to be taken into account too. Once our old house is sold we would look to reduce the new mortgage. Can anyone point me in the right direction? Thanks
Page 1
    • ap1985
    • By ap1985 17th Mar 17, 3:44 PM
    • 323 Posts
    • 128 Thanks
    ap1985
    • #2
    • 17th Mar 17, 3:44 PM
    • #2
    • 17th Mar 17, 3:44 PM
    I would highly recommend seeking the advise of a mortgage broker in a situation like that. One that is experienced with your kind of situation.
    Finally going to be a homeowner
    • Hanger_boy89
    • By Hanger_boy89 17th Mar 17, 10:48 PM
    • 118 Posts
    • 8 Thanks
    Hanger_boy89
    • #3
    • 17th Mar 17, 10:48 PM
    • #3
    • 17th Mar 17, 10:48 PM
    As somebody who has just exchanged contracts on a new build, I can tell you that the housing developer won't let you buy one of their houses until yours has had an accepted offer. I was told that I couldn't even get on the list for the plot I wanted until my property was accepted. Luckily it sold very quickly and I have exchanged contracts, due to be completed in July. Hopefully yours will sell quickly too.
    • Futuristic
    • By Futuristic 17th Mar 17, 10:52 PM
    • 720 Posts
    • 360 Thanks
    Futuristic
    • #4
    • 17th Mar 17, 10:52 PM
    • #4
    • 17th Mar 17, 10:52 PM
    If you have >20% share you generally will be classed as self-employed by lenders.
    • alex_163163
    • By alex_163163 18th Mar 17, 7:33 AM
    • 100 Posts
    • 62 Thanks
    alex_163163
    • #5
    • 18th Mar 17, 7:33 AM
    • #5
    • 18th Mar 17, 7:33 AM
    Does the developer offer part exchange? Could that be an option for you?
    • sammyjammy
    • By sammyjammy 18th Mar 17, 7:56 AM
    • 4,106 Posts
    • 4,444 Thanks
    sammyjammy
    • #6
    • 18th Mar 17, 7:56 AM
    • #6
    • 18th Mar 17, 7:56 AM
    As somebody who has just exchanged contracts on a new build, I can tell you that the housing developer won't let you buy one of their houses until yours has had an accepted offer. I was told that I couldn't even get on the list for the plot I wanted until my property was accepted. Luckily it sold very quickly and I have exchanged contracts, due to be completed in July. Hopefully yours will sell quickly too.
    Originally posted by Hanger_boy89
    The developer need not even know the OP owns a house, there is no mortgage on it and OP does not need to sell it to buy the house.
    "You've been reading SOS when it's just your clock reading 5:05 "
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