FTB mortgage deals

bear.1973

just reserved a plot, new build house.
£ 160,000 with 5% builders deposit paid = £152,000
i have another 10% deposit to put towards this figure= £15,200
to make this up to 15% deposit. = 85% LTV

Have searched whole of market and seem to only be getting one lender Nationwide, who will accept 5% builders deposit. Can get 2yr fixed at 5.94%

Has anybody found anything else???

thanks

Trying_to_be_good

Firstly, well done for saving up £15,200 deposit - do you have money for fees etc saved on top of that £15,200?

You may find this harsh, but the builder's "deposit" is treated for what it is, a reduction on an inflated house price. So, in reality, you have a 10% deposit on a new build - not many lenders will touch that, as they predict you'll be in negative equity soon when the value drops that 10%.

Do think really hard about going for a new build - best of luck in whatever you decide to do.

bear.1973

Thanks to the above reply, yes i have another few thousand for all fees etc. really love the house, i know developers try 2 squeeze every last penny out of the buyer, but have decided it ticks all the boxes and am gonna go for it. Have put down £500 deposit today. Was originally listed at £179,950, got few extras too. so dont think ive done too bad. time will tell i suppose.
Hoping the valuer dosnt devalue the house by the builders 5%, fingers crossed.