Does 95% LTV Morgage still exist?

Weeble5

Me and Wife looking to buy our first house after privately renting for 5 years. Deposit required are absolutely rediculous for a first time buyer.

We got about £15k saved and look for something around 200-250k mark. Does this still exist?

Any help welcome as I'm loosing hope to get on the ladder and we are expecting our first little one too!!

InkZ

Yes they are out there. A whole of market Mortgage Adviser will probably be your best point of call. For example, Skipton has a product, but a Mortgage Broker with access to these lenders will be able to assess suitability and find the best one.

You will pay a higher rate so if you can pay the mortgage down a bit quicker, or stay with family for a few months it will help you get down to a more sensible LTV at a more reasonable rate.

Your credit rating will need to be rock solid also.

Thrugelmir

Weeble5 wrote: »

We got about £15k saved and look for something around 200-250k mark. Does this still exist?

That's far above what the average FTB pays for their first property and your deposit far lower.

Weeble5

InkZ wrote: »

Yes they are out there. A whole of market Mortgage Adviser will probably be your best point of call. For example, Skipton has a product, but a Mortgage Broker with access to these lenders will be able to assess suitability and find the best one.

You will pay a higher rate so if you can pay the mortgage down a bit quicker, or stay with family for a few months it will help you get down to a more sensible LTV at a more reasonable rate.

Your credit rating will need to be rock solid also.

Credit rating is 100% perfect and looking at different options. THanks anyway and I will look into it. Have been member of Experian for a while so will contact one of their Mortgage brokers and take it from there...

DannyboyMidlands

"We got about £15k saved and look for something around 200-250k mark"

That is an insane amount of borrowing. If you have salaries that would cover such an amount, why not save a decent deposit?

housestressed_2

I think Santander have started 100% mortgages again, but dont quote me on that one! I cant recomend them though, but I am sure (hope) my experience is an exception!

poppy10_2

housestressed wrote: »

I think Santander have started 100% mortgages again, but dont quote me on that one!

This is not true. Sorry for quoting you.

HeavyHorse

Weeble5 wrote: »

Me and Wife looking to buy our first house after privately renting for 5 years. Deposit required are absolutely rediculous for a first time buyer.

We got about £15k saved and look for something around 200-250k mark. Does this still exist?

Any help welcome as I'm loosing hope to get on the ladder and we are expecting our first little one too!!

Has going for a cheaper property crossed your mind?

Thrugelmir

HeavyHorse wrote: »

Has going for a cheaper property crossed your mind?

Or delaying starting a family.

Life is full of choices. Every cross roads takes one in a different direction.

callmechar

We too are looking for 95% mortgage, Skipton do one. They gave us a DIP (decision in principle). We have around same amount saved as you, but with out rent so much where we are now we cannot save an awful lot than we already are so to get more money for deposit would take a long time and then missed the boat.

We want a mortgage of around £170k

Weeble5

DannyboyMidlands wrote: »

"We got about £15k saved and look for something around 200-250k mark"

That is an insane amount of borrowing. If you have salaries that would cover such an amount, why not save a decent deposit?

Paying £1200 in rent PCM is the main reason. We are saving but will take us another year to save £25-£30K for deposit. Patience running thin and want to get on market before our little one comes into the world in May2012.

Is it such a wrong decision to go for a 95% LTV morgage then?