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fixed rate mortgage 20% deposit

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moneylover
moneylover Posts: 1,664 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Mortgages & endowments
my daughter is ready to buy a house but has only20% deposit not 25% which seems to open doors
Any pointers where she may get a good fixed rate deal for 4 or 5 years and which websites should we look at to see new deals as they come up and easily compare what is currently on the market. The newspapers dont help as the 'bestbuy' tables focus on 30-40% deposit.
We would be grateful for any pointers from other MSE folk.

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It would be impossible to say with the limited information provided.

    May be worth a chat with a whole of market broker.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Tigerite
    Tigerite Posts: 49 Forumite
    I've found https://www.money.co.uk to be a good one. Its advanced search lets you put in all manner of filters; for instance, to answer your query, check "Fixed rate" under "Suitability" and also "Max LTV" of "at least 80%". Then select either 48 or 60 months in the "Initial Rate Term" under "Rates".

    Having said that, it's not perfect and can be a bit slow to update products, but it's not a bad starting point. (FYI there don't seem to be any 80% LTV 4-year products, only a few 85%, but there are some 5-year ones, the leading one being RBS at 5.29% with a £999 fee for FTB only)
  • moneylover
    moneylover Posts: 1,664 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 26 April 2011 at 3:38PM
    GMS wrote: »
    It would be impossible to say with the limited information provided.

    May be worth a chat with a whole of market broker.

    what other info would be needed just to get an idea of what is around? Their joint income is about £60,000 and they would like to borrow 3 times their income, thereabouts, if pos. I have wondered if they can go up to 3 and a quarter times income (still have 20% deposit) but I dont know if that much is now lent in todays market. That would then be borrowing £195,000 and they have a deposit of £55,00 so would still have 20% to put down. Obviously they can talk to a broker but am just doing some prelim research for them. Thanks very much
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    moneylover wrote: »
    what other info would be needed just to get an idea of what is around? Their joint income is about £60,000 and they would like to borrow 3 times their income, thereabouts, if pos. Obviously they can talk to a broker but am just doing some prelim research for them. Thanks

    Any credit problems?
    Any credit commitments?
    Income made up of overtime/bonus?

    A broker may well look for no up front fee.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • moneylover
    moneylover Posts: 1,664 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    GMS wrote: »
    Any credit problems?
    Any credit commitments?
    Income made up of overtime/bonus?

    .
    no,no and no- two squeeky clean 30 year olds. One small official student loan outstanding about £70 a month but could be cleared if that created any problem
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Speak to their current bank(s) and see what is on offer. Also speak to abroker to compare.

    Sounds like a straight forward case.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Have you looked at YBS 5 year fix 85% LTV fee £495
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They also do 5 year offset deals at 85% LTV which i think is brilliant so something to consider
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