First time buyer 95%

pjcox2005

Zimm, I can appreciate where you are coming from. It was just the bold use of the word always that made me want to show a different side to the argument.

To the original poster, hope the purchase (should you decide to go ahead with it) goes well. Just remember to make sure you considered the affordibility of the mortgage as well (e.g. increase in rates, loss of job etc).

DebsDD

We are hoping to move house soon and our mortgage broker has advised us to get a loan to pay for the difference in our current deposit and what we may need for a 15% deposit. He has also suggested we could put the solicitors fees, stamp duty etc on a credit card so I don't think the suggestion of using a credit card for the deposit is that different.

opinions4u

DebsDD wrote: »

We are hoping to move house soon and our mortgage broker has advised us to get a loan to pay for the difference in our current deposit and what we may need for a 15% deposit. He has also suggested we could put the solicitors fees, stamp duty etc on a credit card so I don't think the suggestion of using a credit card for the deposit is that different.

I think your mortgage broker should be struck off.

Find a different one.

He will lie on your application form about source of deposit. You will sign it and make yourself party to a fraud.

_Andy_

DebsDD wrote: »

We are hoping to move house soon and our mortgage broker has advised us to get a loan to pay for the difference in our current deposit and what we may need for a 15% deposit. He has also suggested we could put the solicitors fees, stamp duty etc on a credit card so I don't think the suggestion of using a credit card for the deposit is that different.

Your broker is awful - avoid.
No mortgage lender will accept a loan as a source of a deposit (I'm assuming though that your broker has suggested lying about the source, which means you're both party to fraud).
You need to keep saving as you clearly don't have the funds at the moment.

jade1986

Hi Craig

I know people on here keep saying 90% is rare enough.. no-one is doing 95%.. save more etc.. but that doesn't really help or answer your question.

I know for a fact that Nottingham Building Socitey will offer 95%, because I went through the application myself with them.. the will allow this for new builds as well, and they are very helpful.

Go on their website and call your closest branch, mine was only 5 mins away but I did it all over the phone.

Hope this helps

Jade

zimm143

Dead money = Money you will never get back
Chance of getting back money paid in rent = 0
Therefore renting is ALWAYS dead money.
Buying is SOMETIMES dead money in the short term but is NEVER dead money in the long term (although sometimes that can be the very long term :-) )

That doesn't mean renting it isn't the right choice sometimes. But I stand by my assertion.

SelbyJay_2

Renting does work out quite well for some. I look at where i live, a spacious 2 bed appartment and it costs me £500pcm in mortgages. My sister and friend both rent 3 bed, 3 bathroom houses with gardens, garages etc and they pay £600 pcm. I'm very tempted to sell the flat and rent. Look at all the extra space i'd get for not much more money.

But, the thing is...the flat is mine (well, it will be in 20 years when the mortgage is paid off!). A rented house will never be mine. The key thing is, when a mortgage is gone and you come to retirement, the costs of keeping a roof over your head massivly drops. Who gets free rent when they retire?! Plus, you could always sell a house on retirement, downsize, and save the profit.

SelbyJay_2

I got mega distracted then...

Yorkshire are doing 95% deals but only for FTBs.

talulahbeige_2

Yorkshire Bank or Building society?

Yorkshire building will only lend 85% and I cant find anythign about % on bank website

Idiophreak

opinions4u wrote: »

I think your mortgage broker should be struck off.

Find a different one.

He will lie on your application form about source of deposit. You will sign it and make yourself party to a fraud.

Surely that all depends somewhat?

eg If I have 10k in savings and 5k in CC debt, both of which I've accumulated over the years - am I being fraudulent saying that the source of the deposit (10k) is savings?

What if I have 5k of credit card debt, but my parents lend me the 10k for the deposit - is it still fraud to say they're paying for it?

It's a grey area and a line has to be drawn somewhere...Some people find they can save *many* thousands of pounds by "saving" their depoosit whilst running up CC debt at low interest...If they chose to draw the line the other side of that activity, I can't say I blame them...? Or is there specific legislation that makes this illegal?