Any 95% LTV Mortgages available on new builds?

lukepugh

Looking at buying a new build with my wife and are struggling to make a 10% deposit.
We are looking at a part exchange deal with Persimmon and hope that the offer they make will give us the extra we need to raise a 10% deposit.

There are a few leneders that offer 90% LTV on new builds but just wondered if anyone was aware of anyone offering 95% LTV deals that are not restricted to first time buyers as we think the p/x offer will come up short of what we need.

I have read that Skipton BS offers a 95% deal on a rate of 5.99

Thanks
Luke

opinions4u

A mix of part exchange and new build rapidly increases the risk of the new property being downvalued.

I'd be amazed if any lender does 95% on this. Even more amazed if you get 95% of the asking price.

Sorry.

lukepugh

Thanks for the reply opinions4u.

We are hoping to raise enough on the part exchange for a 10% deposit which may give us more options.

I understand that new builds are often overpriced and that valuations sometimes come back lower but don't get how part ex would affect this?

Also when you say that you would be amazed that we would get 95% of the asking price, do you mean on our property?

Thanks
Luke

Thrugelmir

lukepugh wrote: »

Also when you say that you would be amazed that we would get 95% of the asking price, do you mean on our property?

You need to ask Skiptons policy with regards to LTV on new builds. Highly unlikely that they'll go to 95%.

lukepugh

Thrugelmir wrote: »

You need to ask Skiptons policy with regards to LTV on new builds. Highly unlikely that they'll go to 95%.

Thanks for the reply, I called Skipton the other day and they do offer 95% on New builds but only through Connells. I was going to call Monday to check if this was just for first time buyers.

lukepugh

Skipton do offer 95% Ltv on new builds and it isn't restricted to first time buyers on a 5 year fixed rate of 5.99. Can't find anyone else willing to do this!