80% LTV needed for new build flat

thomasd2

Hi guys, I'm hitting a bit of a wall with lenders on this. I've been offered some great rates and with a 20% deposit I felt confident of getting a mortgage. However it seems the bulk of lenders will only agree a mortage for a new build flat for 75% LTV or less.

Anyone know of any lenders that would cater with a 80% LTV?

Sale has been agreed so your quick help will be gratefully received.

VIGILANT22

sale agreed before securing a mortgage....rolls eyes

VortexSteve

Try C&G, Halifax and Woolwich.

thomasd2

Vortex Steve thank you very much for your reply much appreciated.

Vigilant 22 seriously need to take a long hard look at your self and find something better to do with your time

Son_of_a_beesting

VIGILANT22 wrote: »

sale agreed before securing a mortgage....rolls eyes

Why comment if you have nothing to add?

I know this is off topic as well so sorry to the OP. Have you spoken to an IPA? All the best I hope it works out for you.

Jonbvn

OP,

I think you will struggle to find a suitable lender. This 75% LTV for new build flats seems to be the norm. Perhaps try a whole of market broker?

brit1234

VIGILANT22 wrote: »

sale agreed before securing a mortgage....rolls eyes

Fair post in my eyes, your highlighting an important area which people should be aware of, K

Those who slate this post represent blind sided comunity who helped to cause this economic bubble.

:exclamati Guys and girls get a mortgage offer in place before you sign on the dotted line it could cost you a fortune without it.

Son_of_a_beesting

brit1234 wrote: »

Fair post in my eyes, your highlighting an important area which people should be aware of, K

Those who slate this post represent blind sided comunity who helped to cause this economic bubble.

:exclamati Guys and girls get a mortgage offer in place before you sign on the dotted line it could cost you a fortune without it.

As far as I was aware the OP asked for help, there is no help in posting the mistakes the OP made when they are well aware of it.

But yes the way you posted is the correct way to do things and I totally agree with that.

VIGILANT22

[QUOTE=Son_of_a_beesting_As far as I was aware the OP asked for help, there is no help in posting the mistakes the OP made when they are well aware of it.

But yes the way you posted is the correct way to do things and I totally agree with that.[/QUOTE]

" Closing the stable door after the horse has bolted"...if they ask for help they should be prepared for mistakes to be pointed out......I can't see where the OP acknowledges they should have done this first.......

VIGILANT22

Son_of_a_beesting wrote: »

Why comment if you have nothing to add?

I know this is off topic as well so sorry to the OP. Have you spoken to an IPA? All the best I hope it works out for you.

My comments made more sense than yours.........it is not up to you to judge the validity....

Fairdo_2

Is your Builder aware of this and are they prepared to make an additional contribution towards this to keep the deal going?
Halifax will allow up to 5% gifted deposit and Nationwide do a 10% deposit nmatch, but only through selected Builders. I would contact developer as soon as possible and let them know if they don't already. As for previous comments, yes it was a mistake and maybe you wouldn't make it again, but you are not deemed the professional. It is an easy error to make and I would put more of the blame on the builder for not qualifying your offer in the first place and making you aware of the risk.