95% mortgage

Lou-e

Hello

Does anyone know any lenders who do a 95% mortgage to first time buyers. I have 5k, and my current landloard is selling up soon, leaving me in the lurch. Would prefer to buy as renting on my own is going to be costly, and i wont have a chanc to save.

Help is appreciated.

Thanks

originalmiscellany

I doubt it to be honest, you'll struggle to get anyone to give you a mortgage with "only" 5% deposit - as far as I'm aware it's a 10% deposit, but on top of that you have to pay fees, which will probably be 2-3k.

You'll be better off saving your pennies for a larger deposit - sorry to bring such bad news.

Lou-e

thanks...i kinda new that, just seeing if there was any deals out there for a 5% deposit.

em-1986_2

Try skipton building society! they approved me but the rates really high!! i saved enough to 10% and got a much better deal...! Good Luck x

timborules

Skipton and Yorkshire Bank - 6.99% not great, but, depends how long it would take you to save up for an extra 5% - if it will take a long while, then you may be wise to take the hit on the extra % and get on the ladder, otherwise, paying a year's more rent (for argument's sake, £8,000) whilts saving may not be sensible.

But, they do have strict lending criteria - BUT, I did find out last night that they will lend 95% on a new build.

Nationwide will also give 95%, but you must bank with them and their monthly payments/rates arent great at all.

Skipton best choice if you want 95%.

I just think its good that some change is coming to the market.