95% mortgage

mma007

Is it possible to borrow with a 5% deposit?

TrickyDicky

Not really.

Keep saving and have another look when you have a 10% deposit. Or even better 15%.

opinions4u

Try Yorkshire Bank or Nottingham Building Society.

Post back with any success or otherwise that you get.

Gizmo777

Clydesdale do a 95% LTV but the rate is high @ 6.99 with a £599.00 (I think, might be slightly more) arrangement fee.

My partner and I were accepted for his mortgage before Xmas but we had to jump through hoops to get it. We initally applied in September 2010 and they declined us based on "affordability". We have a joint income of 90K per annum and have spent the last three years clearing debt from our younger years and learning from our past mistakes. The underwriters said we had to show them that we could afford the mortgage repayments, told us to come back in three months and prove we could save, pay our bills, pay our debts etc etc. We also have a squeeky clean credit report each (no missed payments, no defaults etc).

So, we went back after saving every penny and over paying on existing debts all whilst paying a high rent (live in London). The underwriters approved us in December.

Saying that, I haven't actually heard of anyone getting an actual mortgage offer with 95%, the valuations seem to be coming in very low, people are therefore being turned away and having to save a bigger deposit. We have saved very hard and have managed to get 10% so we have changed tact and are now going for 90% LTV at a rate of 5.99%, makes a massive difference to our monthly payments.

Good luck