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80% LTV mortgage on a new build flat?
LeserattePD
Posts: 15 Forumite
Hello everyone,
We (2 cohabiting professionals/graduates with clean credit records and no debts) are looking for a 80% LTV mortgage for a new build flat. We'd be borrowing 2.8x our combined income. The best rate an independent mortgage adviser could offer was 6.84% 2 year fix from the Halifax. We'd really prefer a tracker with >10% overpayment facility and no ERC, as we only lack about 14k to reach 75% LTV. We estimate that we would reach that within 6-9 months.
I've already ruled out NatWest, Britannia, FirstDirect, RBS and HSBC as these won't lend for new build flats at all (Britannia) or only up to 75% LTV. Any ideas where else I should look?
We've also considered taking out a short-term loan for the amount we are lacking. What do you think?
Thanks in advance for any help and advice.
LeserattePD
We (2 cohabiting professionals/graduates with clean credit records and no debts) are looking for a 80% LTV mortgage for a new build flat. We'd be borrowing 2.8x our combined income. The best rate an independent mortgage adviser could offer was 6.84% 2 year fix from the Halifax. We'd really prefer a tracker with >10% overpayment facility and no ERC, as we only lack about 14k to reach 75% LTV. We estimate that we would reach that within 6-9 months.
I've already ruled out NatWest, Britannia, FirstDirect, RBS and HSBC as these won't lend for new build flats at all (Britannia) or only up to 75% LTV. Any ideas where else I should look?
We've also considered taking out a short-term loan for the amount we are lacking. What do you think?
Thanks in advance for any help and advice.
LeserattePD
0
Comments
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Hi
Why is your adviser suggesting a fixed if you asked for a tracker?0 -
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