First time buyer 95% mortgages

kerrie222

Hi People
Me and my partner have been saving for a house and were hoping for any advice on whether there are any 95% mortgages available at the moment. It does look as though there are some that ive been looking at on the internet with some unfamiliar banks to us. The also seem to have high rates but i think we would be willing to deal with that.
We were planning on only using my partners income to get it as we are only looking at a house of roughly 80,000 to 90,000 and he can get this on his own. Would this make it harder to be accepted on one of the few 95%s that are out there.
Any advice would be gratefully recieved!
Thanks
Kerrie x

butlinsmum

I found this site which sets out 95% & 100% mortgages. Not sure how up to date it is but worth a look http://www.money.co.uk/mortgages/95-mortgages.htm

azazle

Yorkshire bank (not the same as yorkshire building society) and clydesdale bank are the same company, just different names for the UK subsidiary of National Australia Bank. They do offer 95% and even 100% mortgages but only on selected builds. I'd post a link to the list of builds but this forum wont allow me to post internet links.

azazle

http://www.newbuildmortgages.co.uk/resources/participating-fee-free-developments.pdf

azazle

wow it let me do it click the link above, its the list of approved developers clydesdale/yorkshire bank are willing to lend at upto 100% on. I currently have on at 100% much to many peoples disapproval.

brit1234

azazle wrote: »

wow it let me do it click the link above, its the list of approved developers clydesdale/yorkshire bank are willing to lend at upto 100% on. I currently have on at 100% much to many peoples disapproval.

Lets hope the tax payer doesn't bail them out when they go to the floor

kerrie222

Thanks guys ill have a look!
Not too sure if they would work if its only on the houses they approve.
Ill let u know how it goes x

azazle

Please read this forum..

https://forums.moneysavingexpert.com/discussion/2410915

kerrie222

Thanks Butlins mum there are isx on there im going to take a look at!
Ulster Bank
Typton and Croseley
Bank of Ireland
Nottingham Buiding
Clysedale Bank
Yorkshire Bank

azazle

Ulster banks only offers this mortgage product in ireland and nottingham building soc charge a higher lending charge on the loan and add it to the value and the tipton only lend to 90% and in the following areas:

The property must be located within one of the following Midlands counties - West Midlands, Staffordshire, Shropshire, Derbyshire, Nottinghamshire, Leicestershire, Warwickshire, Herefordshire, Worcestershire, Oxfordshire, Northamptonshire and Gloucestershire unless the customer is an existing borrower. Existing borrower applications are considered nationwide up to 90% loan to value.

kerrie222

Thanks Azzle
I had a similar thinking to you, ive been looking into it and even paying a 7% high interest rate we would still pay less on a mortgage than rent so it just seems to make sense to me!
Yes we may be being ripped off but at its either give it the bank or a landlord(who would even take extra).
Although obviously in an ideal world we would all have a high deposit!
I must also state that if we can afford to take out the mortgage on just one of our incomes we obviously wouldnt be in danger of nt being able to keep up with the repayments on two people incomes. Sow were gonna try and go for a 95%!
Thanks for your advice x