Mortgage Help

Daisy78

We were looking last weekend into buying a new build house and I have a couple of questions if anyone can help (we are renting at the moment ).

1. Can you still get 100% mortgages?

2. We have a loan can this be incorporated into the mortgage?

3. Is it worth making a cheeky offer on the house we have seen as the sales person told us that the houses weren't selling.

Thank you x

Comyface

1. Nope, there have been none around for ages now (probably about a year if I remember rightly)

2. No.

3. I think it's always worth making a cheeky offer (once you've checked you can get a mortgage and you have your deposit). If you start too low, you can always increase your offer. !f you start too high, there's nowhere to go!

opinions4u

Daisy78 wrote: »

1. Can you still get 100% mortgages?

Manic laughter.
90% maximum - 15% deposit to get better deals.

2. We have a loan can this be incorporated into the mortgage?

No

3. Is it worth making a cheeky offer on the house we have seen as the sales person told us that the houses weren't selling.

I'd start with insulting, and progress up to cheeky. Don't pay a penny more than cheeky.

beecher

If it is a new build, you'll be lucky to get a 90% deal, let alone a 100% deal, let alone a 100% plus deal! Is your signature still accurate and you're in debt to the tune of £20,000? If so this will also impact on your ability to get a mortgage.

herbiesjp

WOuld you be buying via one of the "Homebuy" schemes?

Newbuilds are not selling - before putting down any deposit on a newbuild or signing any contracts do your homework. A lot of lenders want these properties valued at second hand house values, which means lower tahn open market rate. This is where many problems are arising with these properties, as valuations are coming in at levels far lower than expected.

Also, newbuild properties need bigger deposits - so again, before making offers etc. it may be worth while finding out what lenders are happy lending on, and what they expect from you as the borrower on the property type.

Best bet is to discuss with a whole of market mortgage adviser

Squish_21

Nationwide do 95% LTV mortgages. Rates are v.high though.