New Build Mortgage Question

Dunmore

If I buy a new build off plan where the developer demands a 10% deposit, can I still apply for a 95% mortgage? I only want to put 5% down.


Thanks

Thrugelmir

Unlikely that the developer will accept 5% deposit off plan.

kingstreet

There are no lenders offering 95% on newbuilds, unless you go for NewBuy and the developer may not offer that on every property.

ethank

I tried this and was told I would have to put down at least 10% but I talked the builder into giving us a 5% gifted deposit (however we lost that house, and ended up spending even more money on another one and doing HTB-EL)

Toadeh

kingstreet wrote: »

There are no lenders offering 95% on newbuilds, unless you go for NewBuy and the developer may not offer that on every property.

Not true. Live in wales so not an option for NewBuy etc. Complete tomorrow with 95% on a new build

kingstreet

Is this a Welsh-based, or Wales/West only lender, like Monmouthshire BS?

If it is, I have to generalise about what's available to the bulk of the population. I'll be here all day if I have to quote every small variation in geographical criteria, or establish if someone posting here just happens to live in these postcodes;-

We offer up to 95% lending on new build houses, although this is restricted to postcode areas NP, CF, SA, LD, BS, GL, HR & WR.

The member is going to have to do their own research to find out stuff like that.

jamesml

We bought NewBuy and originally the developer wanted 10% - clearly that wasn't going to happen, they pretty quickly realised and changed relatively easily.