95% Mortgages

kingoftherodeo

Do they exist?

We're looking to move home and have just over 5% deposit. We've joined the nationwide scheme which means you save for 6 months and then can apply for their 95% deal. Just wondered if there are other options not visible to the public?

Our combined income is £120k so the repayments are not an issue. We're looking at property up to £300k. Ill be overpaying, so not particularly concerned with a higher interest rate for a couple of years

Thrugelmir

With a joint income of that level. Then the obvious question is why no savings.

The repayments may well not be an issue to you. However a lender will be interested in your previous credit history/ life style. As this determines the risk you pose as a borrower.

kingoftherodeo

We both have an excellent history. We've both had credit but always paid in full. I know a credit report isn't the best because lenders use their own system to assess, however we've both got excellent ratings on those.

Well we do have savings, we have just over £30k but need to account for the various other fees and stamp duty which quickly absorbs a lot of that. Depending on what our current house sells for then we may have some more to add to that.

I've put over 32k into my pension as well, so that's locked away.

We're only 29 so quite frankly I feel like we're doing a reasonable job!

kingstreet

Have you approached your existing lender?

Is Nationwide STB available to subsequent purchasers?

kingoftherodeo

I haven't actually no, although I will speak to them this week. Good idea.

Sorry, I'm not sure what you mean about the Nationwide STB and 'subsequent purchasers'

kingstreet

I thought STB was for first time buyers. Is it also available to you, a subsequent purchaser?

I've just checked. It isn't FTB only.

kingoftherodeo

Yes correct, we checked that in branch and it's home movers also