95% mortgages - mythical beast?

Kricho

Hi guys

I've been doing a trawl for a 95% mortgage for a home mover and so far I have not been able to find anything. Does anyone know if these exist as branch only morgage deals?

I've been getting an idea of how much I can borrow from a couple of banks and I am looking to borrow under my lending capacity by quite some distance. I was wondering whether anyone knew whether they might be able to offer me 95% LTV if they get approval from their underwritters?

At the moment it looks like the 95% mortgage is dead - anyone know of one??

LilacPixie

the only 95% deals i have seen are for ftb's only

originalmiscellany

I think it might be worth asking an independent mortgage adviser who searches "all the market" or who may know a specialist company who are able to provide one for you, but even if they do, you may well have to pay a premium for this

One_step_forward

I have access to whole of market and can only see product transfer for existing Halifax customers.

Conrad

One_step_forward wrote: »

I have access to whole of market and can only see product transfer for existing Halifax customers.

A few 95% out there - Newbury BS for example.

Point is, the OP is unlikely to be accepted as 95% is rationed and hardly anyone will be accepted.


Besat advice is get saving. If you cannot afford to save then a 95% mortgage would not be suitable anyway.

brit1234

A 95% mortgage is sucide whilst prices are falling so much, you will be in negative equity within a couple of months.

Better off waiting and saving a bigger deposit.

I can't really see banks lending 95% in these conditions.

MiniZoZo

Hi,

Does anyone know of any 95% mortgages? Apologies if this thread has been answered. I've in a shared ownership property; having realised how bad an idea it was, and have spotted a property.

Cheers,

Henry_P_Chester

Read the above...


Basically the interest rates on 95% mortgages are huge and not even worth considering.

clairecymru

Nationwide have offered me a 95% mortgage because I am an existing customer

originalmiscellany

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1509


Date issued: 7 Jan 2010

NATIONWIDE ANNOUNCES NEW MORTGAGE DEALS
Society cuts selected fixed and tracker rates for house purchase

With effect from Friday 8 January 2010 Nationwide will cut rates on a number of fixed and tracker rate products available to those buying a home. The majority of cuts will be made on rates available on loans of between 70% and 85% LTV. The biggest reduction of 0.60% has been made on selected two year fixed rate deals available to house purchase customers at 80% LTV.

As well as other products, the mortgage product range available from Nationwide will include the following:

For those buying a home:

Two year fixed rate available from 3.69% (up to 70% LTV) and two year tracker available from 2.64% (up to 70% LTV)

New customers can borrow up to 85% LTV
Existing borrowers who are moving home can borrow up to 95% LTV
£99 booking fee (payable upfront and non-refundable)
£896 reservation fee
Two year fixed rate available from 3.99% (up to 70% LTV) and two year tracker available from 2.94% (up to 70% LTV)

New customers can borrow up to 85% LTV
Existing borrowers who are moving home can borrow up to 95% LTV
£99 booking fee (payable upfront and non-refundable)
No reservation fee; free legals available
Three year fixed rate available from 4.39% (up to 70% LTV) and three year tracker available from 2.99% (up to 70% LTV)

New customers can borrow up to 85% LTV
Existing borrowers who are moving home can borrow up to 95% LTV
£99 booking fee (payable upfront and non-refundable)
£896 reservation fee (reservation fee discount available to first time buyers of £500 or £250 plus free legals)