95% Mortgage or 5% vendor gifted

REG146

We are first time buyers who have just found a property we love which needs work.
Because of this I dont want to put down all of our saving as a deposit and instead try and get a 95% mortgage or 5% vendor so we can use some of our savings on improvements.
We had a mortgage in principle with halifax but obviously they have now pulled the vendor gifted option.
Does anyone know who is currently accepted vendor gifteds or where I could get a 95% mortgage?

Thanks

Rachel

m00m00

95% mortgages seem to be limited to specific geographic areas, so stating which part of the country you are in could help.

the nationwide one, requires a linked savings account to be funded for X months before you qualify

REG146

We are based in South Wales.
Is a vendor gifted out of the question do you think. Im struggling to find a seller who accepts them!!

m00m00

Halifax were the only ones accepting them

I think principality do 95% in wales.

you are better off asking this question in the Mortgage forum, where there are plenty of lurking helpful Mortgage Brokers.

kiki*_2

We have a 95% mortgage with Yorkshire bank.

m00m00

the yorkshire bank one

http://www.ybonline.co.uk/personal/mortgages/all-our-mortgages/fixed-rate-mortgages/mortgages-three-year-fixed-rate-95ltv


6.99% fixed for 3 years :eek:
with 599 arrangement fee

Nottingham BS are 6.39 with 199 fee, but only lend to specific postcodes

kiki*_2

And Nottingham have charges further down the line so actually works out more than Yorkshire bank. Melton Mowbray building society do one too but I'm guessing that's too small a branch for you to get near.

brit1234

Do you really think a 95% mortgage in a falling market?

It sounds suicidal to me, unless your intention is to go into negative equity.:think::doh:

You don't seem to have enough deposit to buy at the moment. Better get saving a bigger deposit and enjoying the price falls.

casualwalks

Monmouthshire building society do a 95% deal http://www.monbs.com/ 3 year 4.89% Variable Rate.

m00m00

casualwalks wrote: »

Monmouthshire building society do a 95% deal http://www.monbs.com/ 3 year 4.89% Variable Rate.

Please note that these products are only available to customers who live in the NP, CF, SA, LD, WR, GL, HR and BS postcode areas.

the geographic restrictions are a common feature of the smaller BS's on these deals.

poppysarah

What work?
How much will it cost to do, will there be further costs you've not considered?
What will a survey reveal?
What price/offer/valuation?