Are 95% and 90% LTV mortgages available for second time buyers?

cherrykisses6

My partner and I bought our one bedroom house back in 2007 with one of Northern Rock's 100% mortgages, and now thankfully have managed to pay off £5k so far. We want to move to a slightly bigger house and have had our house valued to find that we could make up to £15k depending on if someone is willing to buy the house at current market value (there's nothing in the area like it, flats have sold for more in the area). We want to use the equity in our house to move but from what I've seen so far, lenders are only offering 95% LTV mortgages to existing customers (Northern Rock will not give us another mortgage as we're still considered risky) and 90% LTV mortgages seem to be few and far between. Do any exist for non-existing customers, and how stringent are the requirements at the moment?

beecher2

Who valued the house - estate agent or bank?

You need at least a 10% deposit to move, plus money for fees etc - sounds like you need to keep saving. You could go onto the Debt Free Wannabee forums for help in cutting back on costs.

cherrykisses6

Estate Agent, so not entirely foolproof, would banks happily send a valuer round being that we won't be able to take out a new mortgage?