95% Loan

littlenelly

I am a first time buyer and have had an offer accepted now trying to arrange a mortgage.

I have been in touch with a broker but having no luck trying to find a 95% loan do they really exist in this present climate ?

R_P_W

Yes they do exist but only if you have a spotless credit history.

Might have been an idea to look into this before making an offer on a property?

wisedave

Didn't you do that a little backwards? Should you have sourced your mortgage first and then put an offer in?

Perhaps I don't understand how the UK buying market works as I have only been here for about four years now (from US originally).

katy89_2

I got mine with yorkshire bank. rates 5.49 so it's a big high but it got me my house and im planning in a few years to remortgage to hopefully to a better deal with doing over payments.

My credit rating showed as fair so I didnt think I would get it but I did. I've never had ad late or missed payments and it all said 0 but I did have some debt in the form of a car loan at 4k and a credit card i use that had about 300 quid.

Good luck, I hope you get things sorted.

_Andy_

littlenelly wrote: »

I am a first time buyer and have had an offer accepted now trying to arrange a mortgage.

I have been in touch with a broker but having no luck trying to find a 95% loan do they really exist in this present climate ?

Did you not think it might be fairer on the vendor, or indeed just remotely common sense, to look into mortgages before viewing a property? Let alone making an offer? Unbelievable.