Which lenders offer 90% LTV offset mortgage on New Build?

weejas

Anyone know which lenders offer a 90% offset mortgage on a new build?
Looking to buy a new build and already have 10% cash deposit. My current home is mortgage free and on the market for sale. To enable me to proceed with the new build home I would like to have a mortgage setup to cover the purchase and then when my current house is sold put the money from that into the offset account, then in a few years time once out of any redemption penalty period remortgage back to a standard mortgage. Obviously if my current house is sold prior to the new build being built then I'll just arrange a standard mortgage with an LTV of about 25% however I need a plan b in place if that doesn't happen.

Does this sound feasible? thx

ethank

I did not think you could go above 85% LTV on a new build. That is what I was told.

Have you spoken to the developer to see if they would gift you a 5% builders deposit?

kingstreet

I don't know any lender which offers 90%, on offset, on a second property, on newbuild.

There are only two lenders who'll do 90% on newbuild, neither of which will offer 90% on a second property (IIRC) and the offset thing is just a non-starter.

weejas

kingstreet wrote: »

I don't know any lender which offers 90%, on offset, on a second property, on newbuild.

There are only two lenders who'll do 90% on newbuild, neither of which will offer 90% on a second property (IIRC) and the offset thing is just a non-starter.

Ok I can make do without the offset - just need to put the cash from the sale of my existing house into as high an interest account as I can find at the time.

Why wouldn't they offer it on a 2nd property as I have no mortgage on my current property?

kingstreet

Some lenders simply offer a lower maximum LTV when it's a second property.

Why? No idea. Nationwide's max is 85%, if you want to ask them.