Is it possible to get a mortgage with less that 10% deposit?

StevieJ

claire_robinson wrote: »

Hi everyone, I am new to the forum tonight so sorry if i sound a little bit ignorant but i am in need of some advice. My paartner and I have around £5000 but are looking for a mortgage of £150,000. is this possible with such a low deposit?

Many Thanks
Claire

According to some on here your £5K will get you a 90% mortgage on that property in 6 months I think they call themselves the 70% club :cool:

Dan:_4

StevieJ wrote: »

According to some on here your £5K will get you a 90% mortgage on that property in 6 months I think they call themselves the 70% club :cool:

lol....I call it the deluded club.

mitchaa

The initial question was...

Is it possible to get a mortgage with less than a 10% deposit

So why have we got regulars here stating No when they know fine well there are 95% LTV mortgages out there

5% is less than 10% so the answer to the question is YES

Claire..a whole load for you to look at

http://www.money.co.uk/mortgages/95-mortgages.htm

If you have £5000 saved, you will obviously need another £2500 just to make the deposit.

Cleaver

mitchaa wrote: »

The initial question was...

Is it possible to get a mortgage with less than a 10% deposit

So why have we got regulars here stating No when they know fine well there are 95% LTV mortgages out there

5% is less than 10% so the answer to the question is YES

Claire..a whole load for you to look at

http://www.money.co.uk/mortgages/95-mortgages.htm

If you have £5000 saved, you will obviously need another £2500 just to make the deposit.

All true, but with a £5k deposit on a £150k house you know what will be coming next.

It's a bit like coming on and saying, "I've bought a Ferrari. Can I get it to go 150mph down an A road?"

The answer is obviously yes. But the next line is, "I wouldn't though..."

tomterm8

mitchaa wrote: »

The initial question was...

Is it possible to get a mortgage with less than a 10% deposit

Um, but is is possible for a FIRST-TIME BUYER to get a mortgage with less than a 10% deposit. The best mortgage I know of which a FTB can get 95% mortgage is 7.09% fixed rate - 6.5% above base. It's simply not economically viable to most people.

Cat695

tomterm8 wrote: »

Um, but is is possible for a FIRST-TIME BUYER to get a mortgage with less than a 10% deposit. The best mortgage I know of which a FTB can get 95% mortgage is 7.09% fixed rate - 6.5% above base. It's simply not economically viable to most people.

I liked that bit......because it seems most people were (and still are obviously) wanting to stretching themselves beyond their means.....I'm suprised someone hasn't come on (with only 2 posts) asking if they can get a 125% mortgages (with only saving 4.27p they found behind the sofa).

mitchaa

tomterm8 wrote: »

Um, but is is possible for a FIRST-TIME BUYER to get a mortgage with less than a 10% deposit. The best mortgage I know of which a FTB can get 95% mortgage is 7.09% fixed rate - 6.5% above base. It's simply not economically viable to most people.

You answered your own question there, the answer is still yes

The Yorkshire beats your above with 6.99%

http://www.money.co.uk/mortgages/mortgage-details/Yorkshire-Bank/3yr-6-99-Fixed-LTV-95-FTB-Direct.htm

To be honest, 6.99% isn't really all that bad in the grand scheme of things. Mine is fixed at around 1% below that and ive had my mortgage coming on 2yrs now before any of this mess started.

Dan:_4

mitchaa wrote: »

The initial question was...

Is it possible to get a mortgage with less than a 10% deposit

So why have we got regulars here stating No when they know fine well there are 95% LTV mortgages out there

5% is less than 10% so the answer to the question is YES

Claire..a whole load for you to look at

http://www.money.co.uk/mortgages/95-mortgages.htm

If you have £5000 saved, you will obviously need another £2500 just to make the deposit.

You are right, and I was going to post something similar, but she only has around 3% deposit - not even 5%.

Also you need to be an existing customer for most of those.

alipops1986

I have to agree with the others, it really wouldn't be economically viable or perhaps logcial sense.

I have saved 10k at the moment, for a deposit. However, due the tremendously high interest rate on a 90% morgage it just isn't possible or even sensible as much as it pains me to say!

It seems i will be living with parentals a bit longer! :mad: But for the best in the end!!

tomterm8

Hm, the headline figures look better, I wonder how bad the Higher Lending charge is.

EDIT: I've checked and it is HLC free, so it certainly is far better than the mortgage I mentioned, which does have a HLC.