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90% LTV on new build
coupe_2
Posts: 13 Forumite
Hi
Looked for a bew build at 199,950 or 179,950 if i do it on shared equity but then no further incentives.
We have sold the house and will walk away with 19,000 but have estate agency fees to pay for that. So does anyone know if any lenders are offering 90% LTV on new builds, I have a 5% gifted deposit just that i am a few thousand short of making the deal work.
Ive asked if they will pay stamp Duty and they have offered flooring and I will find out tomorrow if they will pay stamp duty!!
Cheers
Looked for a bew build at 199,950 or 179,950 if i do it on shared equity but then no further incentives.
We have sold the house and will walk away with 19,000 but have estate agency fees to pay for that. So does anyone know if any lenders are offering 90% LTV on new builds, I have a 5% gifted deposit just that i am a few thousand short of making the deal work.
Ive asked if they will pay stamp Duty and they have offered flooring and I will find out tomorrow if they will pay stamp duty!!
Cheers
0
Comments
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You are unlikely to get 90% LTV on a new build."You were only supposed to blow the bl**dy doors off!!"0
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I am not clear are you looking at shared equity or not?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
When we bought our new build 7 months ago they only lenders that would do 90% were Halifax and Nationwide, looks like the deals are pretty expensive now tho & I think Halifax were the only ones that would accept a gifted deposit too.
Good luck with finding one!0 -
..................and Halifax had to be rescued by Lloyds Banking Group!0
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Either if it means that I can have that house!!!0
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Good luck with that... I am in a similar situation...
Wanted a new build that was up for 100k
It included 5% deposit paid like you
The banks would not included the gifted deposit as intended in the deal, they took it off the purchase price.
They wanted 25% deposit - £23,750 Ouch!
Got the deposit together and after jumping through a few hoops have almost got it sorted now, just waiting on the surveys this week.
I'm no expert so it may work out different for you depending on you credit score etc.0 -
Oh well we applied to the Nationwide who we passed affordability with but we didnt manage to pass the credit check/score so any clues on anyone else who will accept the 85% LTV on new build with a gifted deposit of 5%?
Cheers
Depressed0 -
Valuations for new build are coming in as 2nd home prices...many will struggle with that..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
It is unlikely that the BS valuation will come in at £195,000
Most new builds are highly overvalued by the developers.0
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