New Build Mortgage Options

GGB

Hi all,

We're looking into purchasing a new build property from Persimmon, and looking into the various mortgages that may or not be available.

A few facts:

My salary is £59k p.a with 10% bonus and £5k car allowance
O/h salary £12,500
No dependents
House value £220,000 (although realistically I wouldn't pay over £200,000 for it based on other property prices in the area for this house style)
A good credit score - a couple of car loans and some credit card debt (will be reapid prior to moving) - we have had an AIP fro Halifax with an A Grade Credit Score recently)
Not first time buyers.

What I'm looking for is to establish if there are any lenders (broker or direct) that deal with one or more of the following:

Shared Equity Mortgages (I know Halifax do these but anyone else?)
90% LTV mortgages on new builds for non FTBs (willing to move current account etc over if needed)
90% mortgages with deposit match from builder (i.e. 5% each)
Obviously looking at repayment basis.

We can cover the monthly payments on the mortgage at 90% LTV and when we got the AIP from Halifax they were willing to lend us in excess of the property price, with the deposit being the only restricting factor. I'm basically looking at the options available to me so that i can put together a strong offer to Persimmon.


I'm fully aware of the pros and cons of (a) buying a new build, (b) shared equity and (c) high LTV mortgages so no lectures on these please .

Thanks

brit1234

Your going to need to get a bigger deposit, with your wages you could save one up in a couple of years.

Personally I would avoid shared equity scams and overvalued newbuilds.

stevemortgages

Hi GCB,

I'll keep it brief:

shared equity mortgages - not loads, but a nice handful to choose from.
90% for Newbuild houses - unlikely. If you can scrape another 5% you should be fine as there are several that will consider 85% loans.
Lenders won't generally allow a builders deposit, they normally take the builders "contribution", deduct it from the purchase price, and then expect you to find a deposit of 15% of the reduced price.

I hope this helps, and if I can help any more, please just ask.

Steve

MissMayflower27

we've just exchanged on a new build Persimmon house - we got a mortgage with abbey but I think they are just for FTB but skipton and nottingham both did 90% LTV mortgages