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95% LTV Morgage for 1st Time Buyer

ian.wright.89
ian.wright.89 Posts: 5 Forumite
in Mortgages & endowments
Hi

I am trying to get a 95% mortgage as a first time buyer.

The monthly repayments are more than affordable for the house I am looking to buy (based on 5% APR) but I am struggling to get a mortgage as i only have 5% deposit.

Does anyone know any banks that are running any schemes this situation

I have noted that the government schemes to help first time buyers only apply to new house which this one isn't.

Please help?!?

Ian
«1

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    When you say you're struggling, what does that mean? Have you been declined so far?
  • Swatina.Consultancy
    Swatina.Consultancy Posts: 5 Forumite
    Clydesdale bank does 95% mortgage for FTB
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    Why not just save a bigger deposit? A 95% mortgage seems like a big risk in this climate. You could be in negative equity by this time next year.
  • kingstreet
    kingstreet Posts: 39,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Last time I looked, Skipton, Clydesdale and Ipswich BS had 95% offers.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ian.wright.89
    ian.wright.89 Posts: 5 Forumite
    DannyboyMidlands wrote: »
    Why not just save a bigger deposit? A 95% mortgage seems like a big risk in this climate. You could be in negative equity by this time next year.

    The plan was to save a higher deposit but i have found "dream house" for about 15,000 cheaper than market value.

    "you've gotta risk it for a biscuit"
  • ian.wright.89
    ian.wright.89 Posts: 5 Forumite
    Thanks for all the suggestions I will try these banks/building societies and see what happens
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
    There's loads of dream houses out there. Good luck anyway.
  • Willem-de-Blois
    Willem-de-Blois Posts: 128 Forumite
    ian.wright.89 wrote: »
    The plan was to save a higher deposit but i have found "dream house" for about 15,000 cheaper than market value.

    Ah, is there a lady involved?
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ian.wright.89 wrote: »
    The plan was to save a higher deposit but i have found "dream house" for about 15,000 cheaper than market value.

    "you've gotta risk it for a biscuit"

    Please don't say it's a new build......
  • ian.wright.89
    ian.wright.89 Posts: 5 Forumite
    haha yes there is a lady..

    No its not a new build its a sturdy built 1930's bay window place
This discussion has been closed.
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