95% Mortgages?

saltysam

Hi all, :j a friend after years of renting has found a flat she would like to buy..first time buyer,great credit history..property is £65000 and she can afford to put down £3500 as a deposit? i hear it's hard to get a 95% mortgage these days so does she have any chance of getting one? Her basic salary is £25000 but with additional (contracted) sundays earns nearer £30000 per year. Advice would be appreciated

R_P_W

Only advice I would give is to keep saving for a larger deposit. That £3500 will mostly get swallowed up in fees and other moving costs I'm afraid.

saltysam

R_P_W wrote: »

Only advice I would give is to keep saving for a larger deposit. That £3500 will mostly get swallowed up in fees and other moving costs I'm afraid.

cheers..she won't have much moving costs though,the flat is opposite the one she's in now :cool:

ACG

Solicitors, valuation etc.

There are a couple of mortgages on the market at 95%, not many though and they are very strict - ie any late payments, defaults etc and your mate will struggle.

Your friend may be best speaking with an advisor (if she goes to an independent mortgage/financial advisor, rather than whole of market then there are a couple of extra options available, but an independent may charge a fee)...just for the record im whole of market and not independent so im not touting for the business.