PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Mortgage on new conversion with 10% deposit?
lovehackney
Posts: 162 Forumite
Hi all,
Today my boyfriend and I had an offer accepted on a property. It's a flat within a Victorian conversion, and here in lies the problem. As the conversion is new (prior to the sale, the property was still a house, we are hoping to buy one of the three flats it has been split into) we cannot find a lender who will accept us with a 10% deposit.
I had never heard of this before but apparently on new builds many lenders want higher deposits, as much as 25%.
The best offer we have been quoted is a 15% deposit - but given the property is £450k, raising another £22,500 on top of our £45,000 deposit is impossible.
So to cut a long story short, anyone know of a lender who will lend 90% on a new conversion?
I really love this flat so if anyone can help I'll be so grateful!
Today my boyfriend and I had an offer accepted on a property. It's a flat within a Victorian conversion, and here in lies the problem. As the conversion is new (prior to the sale, the property was still a house, we are hoping to buy one of the three flats it has been split into) we cannot find a lender who will accept us with a 10% deposit.
I had never heard of this before but apparently on new builds many lenders want higher deposits, as much as 25%.
The best offer we have been quoted is a 15% deposit - but given the property is £450k, raising another £22,500 on top of our £45,000 deposit is impossible.
So to cut a long story short, anyone know of a lender who will lend 90% on a new conversion?
I really love this flat so if anyone can help I'll be so grateful!
0
Comments
-
An independent broker will establish what options are open to you. There are only a couple of lenders which offer 90% on newbuilds and the broker will establish which may be most suitable for you.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
Hi, we are using a broker and he's not been able to find any. Now asking another broker to look.
Do you know of any lenders?0 -
Mortgage advisors on here are not allowed to recommend lenders.0
-
Ahh ok I didn't realise.
If anyone does know of a lender though I'd be very grateful!0
This discussion has been closed.
Categories
- All Categories
- 345.7K Banking & Borrowing
- 251K Reduce Debt & Boost Income
- 450.9K Spending & Discounts
- 237.8K Work, Benefits & Business
- 612.5K Mortgages, Homes & Bills
- 174.3K Life & Family
- 250.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards