85-15 Mortgages

naijapower

Can anyone shed more light on the 85 - 15 mortgages currently being hawked by new build developers.
Basically, they state you would have to find a mortgage of 85% and they would provide the 15% deposit which eventually becomes like a second charge on the property.
You have 10 years to pay back the 15% as one lump sum. I am told what you pay back is actually 15% of whatever the house is valued at the time of repayment.
Because you dont put down any deposit, these builders have described it as a 100% mortgage.
They claim major lenders like Halifax and Nationwide accept the scheme - Can any mortgage adviser on board confirm this.

ginandtonic1988

Sorry not very good at linkys but go to this page

http://www.persimmonhomes.com/promotions/national-promotions/first-time-buyers/helping-hand-plus-85-15.aspx

and this page

http://www.persimmonhomes.com/promotions/national-promotions/first-time-buyers.aspx

naijapower

Many thanks. Found the links useful