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

Credit-Crunched

REG146 wrote: »

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

Rachel,

Sorry to be tell you Halifax were the ONLY Vendor Gifted company, they stopped taking new apps as of yesterday

Yorkshire Building Society do a 95% but getting an app through them is nigh on impossible, try it, however I know of two GP's with no un secured debt who failed the credit scoring (on VR, cc's with nil balances etc)

Looks like saving that extra 5% then this opens up a lot more doors.

Sorry but best be honset!