is there such a thing as a 88% LTV mortgage

FEvans

I am desperate to buy a new build home and received a very good offer on a part ex on this new build. (market value offer ).

I note that its almost impossible to get a 90% LTV on a new build.

I actually have a deposit which represents around 13% of the deposit.

will that have any bearing on a mortgage or is the system so strict that it will have to be a 15% deposit.

I have no equity on my current property - the part ex offer will clear the mortgage and i have enough savings to just about get to around 13% of the necessary deposit

GMS

Anything over 85% and under 90% would require a 90% product.

Wh05apk

you will still be looking at a 90% deal, but the mortgage will be 87/88%, this sounds trivial, but from a lenders and credit score point of view will make it a lot easier to get, I have been working on a case today, it got declined outright at 90%, but reduced the LTV to 88.75% and it passed straight away, lenders have to place cut offs on scores, and you need a far higher score at 90% than at 88.75%

The big problem you will have is to get 90% on a new uild, very few lenders will consider that, is there anyway family could help out with the additional few thousands? you would then also be looking at 85% deals which are much lower.