Whats the likely offer?

SALOPMAN

Just wondering how my daughter and her friend would get on at the moment,they want to buy a house - First Time buyers,together,for £120,000 - the one earns approx 21k and the other 26k - both in safe-ish jobs - they will have about 12k deposit in Jan - the house they have seen is 120k - would thye get a 95% or have those days long gone now?

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i am currently in the same situation but with 90% ltv, you can still get 95% ltv but unfortunately like myself you will struggle to find a good rate, more than likely you will be looking at about 6.5% fixed,

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SALOPMAN wrote: »

Just wondering how my daughter and her friend would get on at the moment,they want to buy a house - First Time buyers,together,for £120,000 - the one earns approx 21k and the other 26k - both in safe-ish jobs - they will have about 12k deposit in Jan - the house they have seen is 120k - would thye get a 95% or have those days long gone now?

The best advice to your daughter would be, don't.

If she bought in Jan with a 12k deposit, that deposit would have disappeared in falling prices by May, and from then on she would be falling into NE. She then wouldn't be able to re-mortgage, there is also the spectre of margin calls on the mortgage she had taken out.

To be honest, if she absolutely has no choice but to buy, the best way to weather the storm would be with at least 25% deposit (to get the best deals), then to stay put for 10 years, in which time she could ride through the NE issue.