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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
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