Any 95% Mortgages for a First Time Buyer or similar help...?

stinky_docker

Help if you can...?

I'm debt free, earning nearly 40K per year in a very stable and safe job, I almost bought a property a year ago but for a number of reasons it fall through...

My house purchasing history:

Years ago I had an offer in principle upto 120% (pre credit crunch) but didn't go through with a buy for the obvious reasons (appalling risk of negative equity, huge prices, struggling to make repayments was a very likely reality)

Last year I had an offer in principle for a property (£100K) accepted by the seller but it fall through as the property was in probate and the local authority blocked the sale as the estate owed them money...

Right now I've got the chance to purchase a property that is brilliant, for £150K, it is discounted as the owner is in a bit of trouble with his business (its basically my girlfriends landlord and he's offering us first refusal) my problem now is the size of deposit is almost double what I can afford...

I'm now looking for a 95% LTV to get the property, but I can't find a product anywhere, because of the silly lending years ago I need a huge deposit which I can't get, which despite my prudence in being debt free earning a very good wage and having a reasonable amount of savings the products are now impossible to qualify for...

Does anyone know of solutions specialist products, or any means around this...?

I'd add I'm a "Key Worker" but the equity offers are for area's miles from me or don't exist for the property I'm after...?

Any help would be really appreciated....

ACG

Ive just done a search, there are around 5-10 lenders with a couple of options, some of those lenders will only lend in certain areas so may not be available to you.

You need to speak to a broker really. With so few options its important to get it right.

But the good news is that there are options

Dave_Ham

Hi there,

At 95% LTV, the lenders are more selective and offer restricted loan to values.

They are out there mind you, is there no chance your girlfriend could also go on the mortgage?

Affordability will be tight, Skipton do a 95% product although its not for everyone and everyone is not for it...

Good luck