95% mortgages for home movers

MrsFarrow

Hi,

I hope someone can help me?

Basically my husband and I bought our first home 4 1/2 years ago and we are looking to buy somewhere bigger, however obviously we are very unlikely to make any profit at all from the sale.

We have a combined income of £60,000 and no children but only have enough saved for a 5% deposit on a 170k house.

Does anyone know of any good 95% mortgage deals out there at the moment?

Thank you

happybroker

unless you are with the Nationwide BS then I can't see anything having had a quick glance at sourcing systems.

is there no equity at all in your exusting home?

_Andy_

Have you also budgeted for estate agents fees, legal fees (for sale and purchase), valuation fee, costs of moving, and stamp duty?

SelbyJay_2

I keep scanning the web daily looking for 95% deals, but nothings coming up yet. I think that even when they do, they'll be near 8% interest, which makes me sick.

My partner and i are in the exact same position and have been waiting most of the year for things to improve. Hopefully things will soon.

MrsFarrow

Thanks everyone, I think if we sell at the right price we will have approx 12-13K equity. We have some money set aside for fees and thankfully the house falls under the stamp duty threshold.

The only option I can see is that we get a loan to cover the shortfall but I am not sure thats the best way to go either. is all so frustrating as we are very confident we can afford the repayments.

I hope something comes us too selbyjay - fingers crossed

_Andy_

No mortgage lender will accept a personal loan as a source of funds for the deposit.

beecher

It shouldn't take too long to save up a further 5%. Go onto the Debt Free Wannabee forum for help, but cutting back on gym membership/Sky/holidays might make more of a difference than you expect.

MrsFarrow

I have seen that Ipswich building society are offering a variable rate mortgage with a LTV of 95% - all you need to do is open a savings account with them for 6 months. Could this be something that is worth doing?

Thanks

Sharon

SelbyJay_2

The Ipswich deal actually looks ok. I've spoke to them and there's not even a minimum amt you need to pay in to savings. Stick a tenner in there and in 6 months, 95% morgage!

Really need to get my butt in gear and open the account!!