Is there such a thing as a 95% mortgage

mrse82

Hi,

Do any lenders now offer 95% mortgages?

Yorkie1

Yes, I believe there are some, particularly with the Government's schemes - but whether or not you can access them may depend on your credit record.

have_faith

Clydesdale bank currently do a 95% mortgage for FTB's as do Newcastle building society. Nationwide do a save to buy scheme where you save your deposit with them for 6 months and after that you can apply for a mortgage with them. Seems like very strict criteria though, you need to have a clean credit history basically...

ACG

Yes, there are a few available.

starbarboy

have_faith wrote: »

Clydesdale bank currently do a 95% mortgage for FTB's as do Newcastle building society. Nationwide do a save to buy scheme where you save your deposit with them for 6 months and after that you can apply for a mortgage with them. Seems like very strict criteria though, you need to have a clean credit history basically...

Hi there

Just to add that Newcastle Building society withdrew their 95% mortgage in April - although it is still being advertised on their website. As mentioned the Clydsdale Bank and Nationwide may be options. Depending where you live there may be other options local to you though through some of the smaller Building Societies. Another option may be the government's Help to Buy scheme if you are willing to consider a new build.

Hope this helps

Stephen

have_faith

starbarboy wrote: »

Hi there

Just to add that Newcastle Building society withdrew their 95% mortgage in April - although it is still being advertised on their website. As mentioned the Clydsdale Bank and Nationwide may be options. Depending where you live there may be other options local to you though through some of the smaller Building Societies. Another option may be the government's Help to Buy scheme if you are willing to consider a new build.

Hope this helps

Stephen

Ah I didn't know about Newcastle Building Society, have friends who recently bought a house with them. Dissapointed, as this was going to be my next port of call if Clydesdale declined us.

have_faith

After a quick google search found that Leeds Building Society is now doing some 95% LTV mortgages.

lawlie

Thought I would bump this topic as I am in a similar boat, looking for a 95% mortgage so if anyone has any mores suggestions, that would be great.

I have a very good credit history and base salary of £85k (plus bonus of about £10-15k). FTB, with not enough capital for a deposit Only other debts are credit card (about £3k, which can be easily repaid) and my student loan will be repaid in July when my bonus is paid.

Any help appreciated!

Idiophreak

lawlie wrote: »

Thought I would bump this topic as I am in a similar boat, looking for a 95% mortgage so if anyone has any mores suggestions, that would be great.

I have a very good credit history and base salary of £85k (plus bonus of about £10-15k). FTB, with not enough capital for a deposit Only other debts are credit card (about £3k, which can be easily repaid) and my student loan will be repaid in July when my bonus is paid.

Any help appreciated!

Do you know roughly how much you're looking to spend on the house?

tbh, you're on a very good wage and it seems like you should be able to save something in the way of a deposit pretty quickly (especially with those bonuses).

Do some of the maths, look at the rates available on 95%, vs those on, say, 90% or 80%. See how much extra it would cost you over the term of the thing. See how long it would take you to save 5%, 15% and see how long you're willing to wait in order to save that much money...

kingstreet

Help To Buy - Mortgage Guarantee starts in January 2014 and this will increase the availability of 95% mortgages on second-hand properties.

witchy1066

some local building society will lend 95% LTV if you buy in a certain postcode , its worth asking ,government give them money to get the housing market moving and some are offering good deals to "local area only"
you do have to jump through hoops though and the conditions are very strict but like I said its worth asking