We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage Deposit for New Build Property?
dieburncow
Posts: 3 Newbie
Hi,
I'm looking into a shared ownership where I will be purchasing 25% of the property value (somewhere in the region of £85-90k). I have between 10-15% deposit (based on the lower region of £85k). However, when I went to Halifax today to seek an approval in principle, I was informed that the minimum deposit for new build properties is 20%! When I queried this I asked if this was standard across the industry and other mortgage products (which, suprisingly the answer was yes).
What I was hoping that you could help with is to help clarify if indeed 20% is standard for new build deposits? If not, where could I find a mortgage that offers around 10-15%?
Also, given that I earn a decent wage (30-35k) and that I have a strong credit rating, is there any way I could perhaps negotiate with the bank and has anyone had experience of this?
Any help you can offer would be appreciated.
Many thanks,
Leigh
I'm looking into a shared ownership where I will be purchasing 25% of the property value (somewhere in the region of £85-90k). I have between 10-15% deposit (based on the lower region of £85k). However, when I went to Halifax today to seek an approval in principle, I was informed that the minimum deposit for new build properties is 20%! When I queried this I asked if this was standard across the industry and other mortgage products (which, suprisingly the answer was yes).
What I was hoping that you could help with is to help clarify if indeed 20% is standard for new build deposits? If not, where could I find a mortgage that offers around 10-15%?
Also, given that I earn a decent wage (30-35k) and that I have a strong credit rating, is there any way I could perhaps negotiate with the bank and has anyone had experience of this?
Any help you can offer would be appreciated.
Many thanks,
Leigh
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards