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New Build - Nationwide Mortgage
Squish_21
Posts: 676 Forumite
Hi MSE-ers!
Does anyone know if Nationwide are still requiring a higher deposit/LTV for mortgages on new build houses?
I remember they wanted at least a 20% deposit or similar if the place you were buying was new build, cant seem to find anything on the website that states that anymore.
In particular im looking at the FlexAccount exclusive mortgage with a 90% LTV for a new build.
Any help appreciated.
cheers ears!:cool:
Does anyone know if Nationwide are still requiring a higher deposit/LTV for mortgages on new build houses?
I remember they wanted at least a 20% deposit or similar if the place you were buying was new build, cant seem to find anything on the website that states that anymore.
In particular im looking at the FlexAccount exclusive mortgage with a 90% LTV for a new build.
Any help appreciated.
cheers ears!:cool:
Squish
0
Comments
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From memory it's 20% deposit. New build is higher risk for lenders in the event of repo as the 'new factor' no longer underpins the higher price.0
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75% Flat
85% House0 -
OKie dokie. Thanks for the responses.Squish0
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Woolwich will also consider 85% if you have no luck at Nationwide
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Thats not entirly correct I hope!
Im in the middle of buying a new build with nationwide on a 90% LTV.
They can do it, but they may/Will "undervalue" the property.
This has happended with mine, but I am currently getting them to re assess the valuation and hopefully get it a bit closer to what the purchase price is.
The annoying thing for me is that they spoke to 1 valuer over the phone who siad it should be fine and correct value, he has done this estate before.
Requested valuer 1 to do the actual valuation, but valuer 2 went out and undervalued it.
Number 1 is now submitting info to numebr 2 to increase the valuation.
Mike0 -
This is a new build, They know that and are willing to proceed so long as the valuation is ok. Or so I have been told!
I have paid the reservation fee and valuation fee so I stand to now loose £484 if it does not happen.
The 90% LTV new build is for houses NOT for flats!0 -
I do not wish to argue, but they will not lend 90% LTV on a New build house. The maximum is 85%.0
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The value is of no relevance as they will only lend 85% of the value irrespective.0
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That is not what my AIP states and what we are working for. They know I only have a 10% deposit!0
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They do not do 90% on New Build houses, sorry. Someone else will confirm this soon.
Please contact them.
I would be delighted if I am wrong (as will the whole of the New Build industry).0
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