We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can I get a 10% mortgage on a new build house.
Duggaz
Posts: 1 Newbie
Please, please help!
I have a terrace house that I can't sell at the momment, due to the current climate. So I was informed that a part exchange for a new build would be my best option. I have found a house that is perfect for myself and my soon to drop pregnant wife.
We only have half the money for a 10% deposit but have been told by the company selling the house that they will give us the asking price for our house. The equity in our house gives us the full deposit. But the I.F.A with the estate agent has now changed his story and is saying they only do 20% deposit mortgages on new builds. Is this true or is there a mortgage out there to suit us.
Any info on this problem would be massively appreciated and could possibly save my sannity, Thanks.
I have a terrace house that I can't sell at the momment, due to the current climate. So I was informed that a part exchange for a new build would be my best option. I have found a house that is perfect for myself and my soon to drop pregnant wife.
We only have half the money for a 10% deposit but have been told by the company selling the house that they will give us the asking price for our house. The equity in our house gives us the full deposit. But the I.F.A with the estate agent has now changed his story and is saying they only do 20% deposit mortgages on new builds. Is this true or is there a mortgage out there to suit us.
Any info on this problem would be massively appreciated and could possibly save my sannity, Thanks.
0
Comments
-
Not only will you struggle to find a mortgage with a 10% deposit. You may well find that the valuation on the new build is less than your offer price.
You need to build up more equity in your existing property and/or build your savings to have a realistic chance of bridging the gap.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards