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Mortgages for FTB with low deposit
Chickabiddybex
Posts: 1,346
Forumite
I've looked at some 95% mortgages and I was wondering if the house has to be a new build or not and if the Save to Buy schemes are worth it.
I have a relative who will be able to help me get together a 5% deposit (along with mine and my OH's contributions) and I'm looking at a house around 60K if possible.
I don't have a lot of money to spare to save up. I can afford monthly mortgage payments because I pay a similar amount in rent anyway. It's just the deposit that I will struggle with and I don't know what my best options are.
There are a few schemes out there for first time buyers but I'm not sure if I can get any house I like with them or not.
Any advice?
I have a relative who will be able to help me get together a 5% deposit (along with mine and my OH's contributions) and I'm looking at a house around 60K if possible.
I don't have a lot of money to spare to save up. I can afford monthly mortgage payments because I pay a similar amount in rent anyway. It's just the deposit that I will struggle with and I don't know what my best options are.
There are a few schemes out there for first time buyers but I'm not sure if I can get any house I like with them or not.
Any advice?
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Comments
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If you have a squeaky clean credit history and would expect to be acceptable at the top end of the lender's requirements - three years at current address, job etc, there are 95% products out there. Newbuy is for newbuild only, but a few lenders offer 95% on second hand property too.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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