80% LTV mortgage on a new build flat?

LeserattePD

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

_Andy_

Hi

Why is your adviser suggesting a fixed if you asked for a tracker?

LeserattePD

_Andy_ wrote: »

Hi

Why is your adviser suggesting a fixed if you asked for a tracker?

Because she couldn't get a tracker for 80% LTV on a new built flat.