90% LTV Mortgage on New Build?!

anna__3-2

We're buying a house and have a 10% deposit, we made an offer that was accepted after speaking to several providers who offered us up to 5x our joint income, even though we only need 2.5x.

Now our offer has been accepted and we want to progress with the mortgage, we're having a lot of problems with lenders not wanting to touch us because it is a new build, a problem I did not (naively!) foresee being an issue at all!

Does anyone have any advice? Or know any lenders who are willing to give 90% LTV fixed rate mortgages on new builds? I read about the New Mortgage Guarantee Scheme which I though came in in March 2012, but we're still having no luck!

Will having a guarantor help? Please help, before the builder puts the house back on the market!

kingstreet

NewBuy, as you are describing will provide a 95% mortgage , with a cost to the Government and developer. Right now, there are only three lenders involved and one of them has no products, so that's not likely to help you.

Abbey/Santander has a facility to offer 90% to FTBs on less than 4x income;-

Standard new build LTV limits (all borrowers including First Time Buyers)
House 80%
Flat 70%

Higher new build LTV limits (First Time Buyers only up to 4 x income)

House 90%
Flat 80%

A broker may be able to find you more options, depending on which developer is selling to you.

Ask friends and relatives for a recommendation of a good independent or whole market broker.

anna__3-2

Thank you, but we're not first time buyers, I am but my partner owns a house which he rents out.

We're really struggling to find any 90% LTV mortgages for new builds and our builder is not one of the big developers involved in the scheme ::mad:

koexelek

anna_ wrote: »

Thank you, but we're not first time buyers, I am but my partner owns a house which he rents out.

We're really struggling to find any 90% LTV mortgages for new builds and our builder is not one of the big developers involved in the scheme ::mad:

Think Abbey/ Santander will be your best bet.

showders

Skipton should be able to help

Thrugelmir

anna_ wrote: »

Thank you, but we're not first time buyers, I am but my partner owns a house which he rents out.::mad:

Sell the property and use the equity.

alex1987_2

Skipton offer 90% mortgages on new builds, but its a high interest rate (or was when i looked at this a few months ago)

You may be best off speaking to a local mortgage broker, or even 'New Homes Mortgages' who specialise in mortgages on new homes?