Anyway to get a mortgage with 5% Deposit (non-first time buyer)

Clarkovich

Suspect I know the answer to this but as I'm a complete novice I'll ask anyway.

Myself and current partner have enough savings for 5%. Problem is I already own a house that I rent out and would rather not sell it. I take it it's only my partner that qualifies for the 5%?

anyway round this or do we just need to sit tight a few more months and save the 10%?

adamck

You don't qualify for the HTB mortgage scheme as its not your main and only house.
BUT... i think most people on here would tell you to go and see an independent mortgage broker and see what can be done.
There are other 95% LTV mortgages available out there that aren't part of a scheme.

Clarkovich

Thanks for that. Any examples of said companies that will offer this?

Rachylou1981

I am not exactly clued up but as far as I am aware, from January 2014 homeowners wanting to move home will be eligible for more help than they are currently in terms of putting down a low deposit (at present it has been mostly aimed at first time buyers).

I am in same position and will consider renting my home out rather than selling it but we are waiting until next year to go and see a mortgage advisor to look at all options.

I would advise saving as much as possible and putting as much % down as you can. We are aiming for more than 5% (which I believe is minimum we would ever get).