Any 95% Mortgages for FTBs?

statto_2

As per the title really. I've seen a few news reports saying stuff like "there are now only nine 95%LTV mortgage deals when this time last year there were 367." My question is where are the nine deals, because I can't find them?

I can't imagine being turned down if a company is offering the deal, as my credit rating is excellent and the amount I'm looking to borrow is only a 3x multiplier of my wage.

Lord_Blue

HSBC and Nationwide are the two big players that spring to mind.

dunstonh

Have a word with a whole of market or independent mortgage adviser. They will source those that offer 95%.

a1a1a1

I'm pretty much in the same situation so I'd greatly appreciate any advice on this too.

I've aready looked on HSBC and Nationwide websites and they're only offering 90% and 85% LTV respectively. It does look as though 90% is the best available at the moment but desperately hope someone can prove me wrong.

monicamj

Yorkshire Bank are doing 95% LTV for first time buyers.

brit1234

mortgage-adviser-now wrote: »

.
Yorkshire were doing 95% deals. According to their website maximum is 90% today

Scary stuff reading this. I recomend you saving at least 15% and watch the price falls over the next couple of months/years. Your deposit will go further as prices go down. plus you have to factor in interest rates coming.

The higher the deposit the better the interest rate and with a 5% deposit you risk serious negative equity.

jade1986

Hi there,

If you Google 'FSA Mortgage Comparison' it will take you to the FSA site where it shows you the 9 products.

I complete next week as a FTB with 95% :T

We could of gone with Nottingham Building Society or could of applied with Yorkshire/Clydesdale.. we went with Notts BS in the end

Thanks

a1a1a1

Thanks jade1986.

Just looked on the FSA website (sorry can't post links)

There are 7 mortgages available at 95% LTV. Three at Lloyds (which is not really a proper 95% LTV because of the fact you need someone to open a savings acount with at least £20,000!).

The others are Nottingham BS (6.39% fixed for 3 or 5 yrs), Clydesdae and Yorkshire Bank (both 6.99% fixed for 3 yrs - this has the better APR over 25yrs). I've been on the websites but you will need to speak to a branch for further information.

Apart from this the best other deal out there I've seen is HSBC with 90% LTV at 5.99% fixed for 2 yrs.

Has anybody heard of any others deals?

dunstonh

Just be a tad wary on the FSA website. It is not known to be the most accurate data sources. It will also not be extensive and cover all deals. A number of assumptions are also made which may or may not impact on a lending decision (i.e. site says you are eligible but you are not).

a1a1a1

ahh, that's very interesting.

Does anybody have any experience of getting a 95% deal recently?

Wutang_2

brit1234 wrote: »

Scary stuff reading this. I recomend you saving at least 15% and watch the price falls over the next couple of months/years. Your deposit will go further as prices go down. plus you have to factor in interest rates coming.

The higher the deposit the better the interest rate and with a 5% deposit you risk serious negative equity.

'Serious negative equity'...?

When does it become serious?

Thanks

WuTang