Current 95% First Time Buyer Mortgages

Neil12_2

What is the best 95% LTV mortgage at present (MAY2009) for a first time buyer ?

Kavanne

There aren't any?

allan673

dont know of any 95% mortgages now??? theyve all gone.

the best 85% i know is halifax 5.71% 5 yr fix, although there are a few 90% mortgages available with higher rates still.

Neil12_2

Is the one offered by Yorkshire Bank any good ?

poppy10_2

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

happybroker

wasn't aware they did one neil, if they ar e doing it will be good as it is probably the only one.

_Andy_

I believe HSBC will do 95% for graduates.

Why anyone would want a 95% purchase in today's market is beyond me.

riles

_Andy_ wrote: »

I believe HSBC will do 95% for graduates.

Why anyone would want a 95% purchase in today's market is beyond me.

95% today will probably be a lot less risky than 95% in September 2007 turned out to be.

maninthestreet

The overwhelming majority of the 95% mortages shown on the link posted by poppy10 are for existing customers only, so would be of no use to a first-time buyer.

Neil12_2

Well I've found out more about the Yorkshire Bank . They do still offer the 95% LTV mortgage for First Time Buyers @ 6.99% fixed over three years then switching to their std variabe rate. You can also make overpayments but they have to be regular. To me 6.99% is till low in comparison to 10yrs ago etc and in comparison to what it will be in a year and a half when inflation takes hold of the economy. I must add though that we're not taking a big gamble in buying a 3 bed semi for just over £100k.

I'm not sure about other first time buyers but it's the requirement for large deposits that I think is stalling the amount of FTB's n the market. If the banks and economy are now recovering as the FTSE seems to suggest, then the banks maybe should start offering such 95% deals again but pay more heed to their applicants particular circumstances...for security of employment etc.

spectre

allan673 wrote: »

dont know of any 95% mortgages now??? theyve all gone.

the best 85% i know is halifax 5.71% 5 yr fix, although there are a few 90% mortgages available with higher rates still.

just for reference, Natwest do a 5.49% fixed for 5years or 5.29% fixed for FTB`s with 85%LTV