First time buyer 95%

SIRUSKEY

I need a first time buy 95% but cant find a lender who is willing to lend with it being our first time. They will lend us £250k with the right deposit but all i need is £150k.


Point me in the right direction please.

Cheers
Craig

opinions4u

Save another £7,500.

The Credit Crunch is affecting you!

SIRUSKEY

opinions4u wrote: »

Save another £7,500.

The Credit Crunch is affecting you!

Thats a great help!

partickz

I think you will struggle to get a 95% mortgage. Even 90% deals are rationed severly. Due to securitisation it can cost banks 4 times as much to grant a 90% mortgage as it does to grant a 60% mortgage. Hence with no wholesale funding availible and debts having to stay on their balance sheets they are being VERY fussy.

beecher

SIRUSKEY wrote: »

Thats a great help!

Not much else you can do though. If you've been offered £250k, you must have high wages so saving another £7,500 shouldn't take you too long.

SIRUSKEY

beecher wrote: »

Not much else you can do though. If you've been offered £250k, you must have high wages so saving another £7,500 shouldn't take you too long.

It would'nt take to long, but the house will be gone lol. :mad:

Stay renting

beecher

SIRUSKEY wrote: »

It would'nt take to long, but the house will be gone lol. :mad:

Stay renting

It may well still be for sale by the time you save it up, and if not there will be another one you fall in love with too.

partickz

Is the house unique? Has the price fallen in line with the Haliwide indices compared to peak 2007 prices?

You could get a better deal by waiting.... I have no opinion on house prices but we are in a recession with unemployment rising.

opinions4u

SIRUSKEY wrote: »

Thats a great help!

You asked readers to point you in the right direction.

I don't think it could have been done any more clearly or succinctly.

zimm143

Hi OP,

Ignore the smartar*e replies - show a certain lack of empathy.
If you're on a good wage with a secure job put the other 7500 on a 0% credit card - cheaper than borrowing it off a mortgage lender. It's a small enough amount that you could surf the balance until you wanted to pay it off. And before everyone pipes up that these 0% deals aren't around anymore - oh yes they are if you have a decent credit rating, which op clearly does if he's being offered 90% LTV.

Remember everyone - houses are homes not piles of money - if op feels this is his/her future home then it's worth it.

Z

beecher

zimm143 wrote: »

Hi OP,


If you're on a good wage with a secure job put the other 7500 on a 0% credit card - cheaper than borrowing it off a mortgage lender.
Z

I'm pretty sure that credit cards can't be used for a deposit.