90-95% mortgages, do they exist??

franko82

£7500. . . . thats what deposit i have at my disposal, most houses im looking at are around £95000, do i have to save some more pennies or is there such thing as 90-95% LTV, and who??

nw_man

I think 10% deposit is going to be your minimum requirement, and even with that deals are going to be thin on the ground and not exactly attractive.

SelbyJay_2

There are some FTB 95% mortgages out there (Yorkshire BS and, i think, Nationwide), but the rates are not pretty. Rates are rubbish even for 10% deposit.

Dont fotget you'll need money for solicitors fees etc which will be £500-£1000. And moving costs, furniture, curtains and everything else that you need to put in a house (if you dont have all this stuff already).

vicshippers

Have you considered a property under the Government backed NewBuild Homebuy? You wouldn't need a deposit for this - just around £3k for moving/legal costs. You buy 50% and rent 50%, with no deposit and usually the chance to staircase your share upto 100%.

franko82

vicshippers wrote: »

Have you considered a property under the Government backed NewBuild Homebuy? You wouldn't need a deposit for this - just around £3k for moving/legal costs. You buy 50% and rent 50%, with no deposit and usually the chance to staircase your share upto 100%.

Yes, have actually been looking at that deal through Beal Homes, its the 85-15% shared equity. . . .that way i would only need a 5k deposit, not sure about the 15% you have to pay back though, its interest free over 10 years, just more extra cost.