95% Mortgages for homemovers?

newlife2

Hi All,

I know that a 95% mortgage is not ideal but unfortunately circumstances are such that we have to move (due to job locations).

We currently have a home and are over paying on the mortgage, but we still only have a 5% deposit (after all the additional costs associated to moving).

I know Skiptons are doing a 95% mortgage, but how strict are their lending criteria?
Does anyone know if anyone else is doing a 95% for moving home.

We are not going to be silly, the new home is well within our financial commitments and will work out about the same as our current mortgage plus over payments, and will only be about 3.5 x our incomes.

We both have good credit ratings, and only have a small amount on a credit card which should be paid off in the next month or two.

I know the ideal solution would be to stay put, save/overpay more to build up a better deposit, but unfortunately we do not have that luxury.
Nor would we want to rent if we could avoid it.

Thanks

Wh05apk

Who is your current mortgage with? Nationwide will allow 95% for existing borrowers.

newlife2

Thanks for the prompt reply, our current lender is GE Money

tryinhardtosavethepennies

Try Mansfield Building Society? They do a 95% mortgage for home movers only fixed for 3yrs at 5.49% or discounted for 3yrs at 4.99%. We're in a similar position (although our house is in negative equity, so we'll likely rent ours out), and although I've not enquired about the availability of these mortgages, I'm keeping a keen eye on what's out there!

Also, if you're happy enough with GE money, could you port your mortgage with them? It's worth a phone call to ask?

Good luck, and do let us all know how you get on and if you find any good mortgage deals available!

:beer: