Who will lend at 85% on new build (with a six month validity)

JayneG

Hi there,

I have a mortgage arranged at 90% ltv with RBS for purchase of a new build house (significantly reduced by 25% from peak, so no longer over-valued compared with similar second hand properties in the area).

The rate is poor, and we may be able to increase our deposit to get to 15%. Can anyone tell me which lenders may be willing to lend at 85% ltv on a new build house @ 2.57x joint salary.

Are there any that we can only get direct, to date we have enquired through a WOM broker and have not tried approaching any lenders directly. The WOM broker indicated there were several potential lenders who would consider us at 15%, but as we only had 10% at the time we did not pursue this route, and this was a few weeks ago now, so I realise things may have changed.

The house is only due for completion in September, so ideally although I'd like to know all of the lenders who would lend at 85% ltv (and applicable rates), I would also particularly interested to know which ones may give their offers a six month validity as standard, rather than us being reliant on them extending the validity once it has expired (the position we are in now with RBS).

Many thanks in advance for your help

Jayne

TEDDYRUKSPIN

Plenty but unfortunately no one is allowed to advise or recommend a lender on this site. Main reason for this, is because mortgages are REGULATED products! No one is allowed to give any advice without carrying out the necessary documents.

There are now plenty of 85% LTV for new builds. Rates are reasonable, however, alot of information will required for the advisor.

I suggest you use an independent financial advisor or go window shopping!

Unfortunately due to the ever changing mortgage criteria for each bank and building society, everyone is playing the chasing game!

before_hollywood

i got an 85% ltv and i had plenty of choice, but i think its against site rules to tell you who it was as that would be classed as a recommendation

JayneG

Oh right, sorry hadn't realised that. Anyway, I was worried the answer might be that there are none, so I'm more than happy with those responses, that's a relief. Many thanks, I'll speak with my broker on this subject over the next couple of weeks. :-)

Cozworth806

that is daft, the caveat that no rate or suggestion from anyone from this site can be considered as a recommendation should be a given. Teddyrukspin's last tag line is very true.
You can go to the FSA website and put the figures in there for the 85% rates and do your homework from then on. The fact it is a new build shouldn't make too much difference unless its a flat.