Anyone know where I can get a good 95% mortgage?!

kookygirl_2

So i've decided to see if I can get myself on the property ladder now I am debt free, am nearly 'excellent' on my credit rating (if that makes any difference?!) and am earning a good wage (£40K plus yearly bonus)
I have a (very!) small savings account but as I live in London it will be difficult to get that up to 10% so my savings will be about as much use as a chocolate fireguard!
So what does someone do in this situation where I am paying about the same in rent as I would do on my own property but just don't have the savings behind me to throw at it?! I am single, can't borrow off family and as I am knocking on a bit (am nearly 40) I am worried that lenders are going to start telling me i'm too old to get a 25 year mortgage so will have to have even more behind me or have huge monthly repayments. Don't ask why i've left it so late....I always was the last one to the party.......
All advice greatly appreciated!

Thanks!

Cat

Dave_Ham

Hi Cat,

95% mortgages are available, but only if your credit is super clean.

The rates can actually be ok, or fair but you need to check your Experian and Equifax and see if you have ever missed a payment, on pretty much anything in the last 6 years.

The income multiples are also slightly reduced, so you could probably go to around a mortgage of £160k before taking into consideration your commission.