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HTB.....equity loan vs mortgage gurantee??
Jennie2827
Posts: 45 Forumite
If you are buying a new house with a 5% deposit......which is the best option for actually securing the mortgage? Equity loan? Or the mortgage gurantee? One is 75% ltv while the other is 95.....I am presuming the 95% is more difficult to achieve but is my presumption incorrect?
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Comments
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You can only get a Equity loan on a New Build. Most lenders will not allow you to use mortgage guarantee on a newbuild as you do not have a strong enough deposit. The majority of lenders require you to have a 15% deposit to buy a new build. I believe there are a couple of lenders who will do 90% on a new build, but it really is not very common.0
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