Lending with Developer Contribution

Fussy

Hi All

I am looking to buy a new build on a development near me. The builder is prepared to gift match my 5% deposit and pay for stamp duty.:D

Trouble is actually finding a lender for a 90% LTV mortgage that will accept those terms in this day and age. I have an Agreement in Principle from the Halifax but they don't lend on these circumstances.

Does anyone know if they still exist or if there are any alternatives ?

I can't do the New Buy scheme as we don't have the stamp duty at the moment. if this isn't possible it will have to be back to the Savings pot to save the SD !

Many thanks

Liz

kingstreet

So what's the problem?

The fact the builder's incentive is more than 5%, or that you want a 90% mortgage on a newbuild?

Halifax maximum loan to value on newbuild is 80% so they were a non-starter anyway.

Maximum LTV on new build properties (houses and flats) is 80% (65% if the scheme type is a second home loan or buy to let).

Fussy

I think you have just answered my question really. And having looked at other similar posts. The problem was the 90% mortgage on a new build, but seems like that is out the window until we can get the SD.

Thank you anyway..