FTB - 90% mortgage wanted on a £139950 house!

Conrad

Brokers are of no use if you want 90%. Lenders have limited funds for 90% lending so can only offer deals direct.
90% is considered very high risk regardless of occupation and status, in view of the current economic landscape where further price falls could feature.

MascaraMinx

I think Britannia were offering a 90% deal, or possibly an 85%. There are a few deals out there who will offer you a reasonable rate if you get a family member to put up security as a deposit too.

You could borrow the money for a deposit but that's a really risky strategy!

BenL

Natwest
RBS
Directline
First Active
Britannia

These are the top ones on moneysupermarket.com comparison.

BenL

abbyfabulous wrote: »

So if anyone has any advice etc, please feel free. I appreciate I will not have as good a deal as if I had a larger deposit but by the time I saved up more the prices will probably have gone up (as I need another 21k apparently to get the best deals for 75% LTV) and we're so fed up of our little rented terrace house, we have definately outgrown it!

Thank you!

Don't worry, house prices generally are coming down as a trend so by waiting and saving you are reducing the LTV from both sides.

Gerrym1984

Is it really that big a problem to get a 90% mortgage. Myself and my partner despite earning quite a bit less than yourselves have managed to secure a 90% mortgage with our deposit. Is Halifax a viable option for you? If so i would recommend them. If you have the 10% deposit then your half way there in this climate. Hope everything works out for you and your partner

homehunter

It seems the more we save, the more lenders want from us. We've had to have so many reality checks about what we can actually afford, and we've definitely grown tired of our dingy, inadequate rented terrace. Anyone know of the best 85% and 80% LTV deals out there at the moment? I've tried the FSA website but the rates still seem very high to me, I wonder what else is available...we'll have to revisit our mortgage advisor soon if the viewing tomorrow goes well.

Incidentally, the house we offered on about 2 months ago (offer was rejected but we weren't able to bid higher at that time), has just sold. It was on for nearly two years! I don't get it, why are things starting to shift all of a sudden? FTBs are still not in a good position to buy are they? (I should be but am not thanks to the lenders - we can get one easy enough but we need to pay a big deposit,leaving nothing left over to start work on the house.) And the prices are still way above the average salary...