Lenders that will lend 90% LTV on new build - are there any left?

JayneG

As per title really.

The best my broker can do is RBS @ 7.29%, but I'm aware there are some products that are only available direct.

Thanks in advance :beer:

Rob_Jones_2

We got a formal offer from RBS last week at 90% LTV on a new build and i have got a default on my creditfile that is only about 6 month old. It was at 7.2% though i think(could be a few .% out) so we scraped together some more cash and now have the rate down to 6% with a 15% deposit were just waiting for our amended formal offer that they said they sent yesterday.

JayneG

Thanks Rob, that's prob the same deal we are looking at, it's 7.25% I think, not 7.29 like I said earlier.I'd really like to be able to boost our deposit to 15% but it's just not gonna happen. We worked out anyway that if we borrowed the money from family (the only way we could raise more), the repayments plus the mortgage repayments would equal the same as the 7.25% mortgage repayment anyway.(I know the true cost of borrowing the additional 5% is higher over the term of the mortgage, and it's not just about the initial monthly repayments, but still...it's a lot to ask)

Rob_Jones_2

i think our monthly payments at 10% were £780ish and at 15% were £668 so its more than £100 a month were saving