Whats the Highest % Mortgage You Can Get?

wilkij1975

Hi All

Simple question really as in the title.

I currently don't have a mortgage and was thinking of getting another house. I did have one which I paid up when I sold the house back in 2008. My (now) wife and I moved in with her parents while she went back to Uni. We've since got married and consequently have no savings and a bit of debt. My previous mortgage (with Northern Rock) was for about 110% which, although high, I could afford the re-payments. I assume now all such high % mortagages have gone even if you could afford to pay them?

beecher2

You need a minimum of a 10% deposit. Get rid of your debt, save a deposit and see where you are. Go over to Debt Free Wannabee forums for help with your budget.

PaulLuke

Hi,

Apparently some lenders have just started lending 95% mortgages but I suspect you'd have to have a rock solid credit history and be willing to pay a higher interest rate than you would get with a larger deposit. You certainly won't get a 100% loan from anyone.

In the current market I'd want to put at least a 15% deposit down to cushion against any further falls in property values.

wilkij1975

The trouble is, I can't stay where I am for much longer. If I do I won't need to worry about a mortgage as Her Majesty will be putting me up! 3 years with the in-laws is more than enough for anyone. It's a pain because i'd like to get back on the ladder but it doesn't look likely.

Angel_of_Tomfoolery

I feel your pain OP. I struggled with 6 days staying with my inlaws-to-be! Sorry I can't offer any other advice. I'm sure you know why it doesn't make sense for banks to return to such risky lending - they're aiming to make money, afterall! Whilst you say you could afford the repayments previously, no one knows what's around the corner and the bank will have to ensure it can get its money back if your situation changes. I know it must be hard when you've had experience of a time when mortgages were practically thrown at people, but there's no alternative but to work hard at clearing debt, saving for a deposit and proving to the bank that you are the best possible candidate for a mortgage with them. I too am desperate to buy my own house but the sums do not add up yet! All the best - remember...deep breaths and count to 10....

jonny_power

beecher2 wrote: »

You need a minimum of a 10% deposit. Get rid of your debt, save a deposit and see where you are. Go over to Debt Free Wannabee forums for help with your budget.

As mentioned, there are several 95% LTV mortgages available.

ACG

95% is the most.

I think the coventry, nationwide and another are doing them.

Theyre not cheap though.