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Who does 90% LTV mortgages on new builds in Scotland?
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dklunan
Posts: 31 Forumite
So, we got stung when the help to buy scheme ran out of funds but we've now scrambled together enough of a deposit to cover 10% of the purchase price for our dream home.
We have an appointment with a mortgage advisor at bank of Scotland next week (we both do all our banking with them atm) but I'm having a mild freak-out that 10% deposit might not be enough on a new build.
Does anyone have recent experience with this or know if BOS can offer these mortgages?
We have an appointment with a mortgage advisor at bank of Scotland next week (we both do all our banking with them atm) but I'm having a mild freak-out that 10% deposit might not be enough on a new build.
Does anyone have recent experience with this or know if BOS can offer these mortgages?
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Comments
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Why not go through a broker?0
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As far as I know, nobody.
The lowest that I'm aware of is 15% depending on whether house or flat - you'll need more generally for a flat.
Kingstreet will be the man to ask - he's a newbuild broker.I am a mortgage adviser.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.0 -
I've used L&C Mortgage brokers twice for a previous property and it was a positive experience. This is the first time my wife and I are going through the process together and she was keen to use her existing bank. I have a very good relationship with the bank and am happy to go along with it assuming they do in fact offer 90% loans on new builds.0
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@Mortgage_Mark oh crap....that was my worst fear
Hopefully Kingstreet knows more and can chip in?0 -
There is a lender who'll do 90% on a new build HOUSE.
See a decent broker and you should be OKI am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
stephenni1971 wrote: »There is a lender who'll do 90% on a new build HOUSE.
See a decent broker and you should be OK
Thanks for this - It is a house we're buying. I'll discuss with my wife about using a broker instead of going straight to the bank.0 -
LBG only offers 90%+ on newbuilds via selected builders and brokers, so your trip to a BoS branch will probably be wasted.
I'm sorry, I have no idea who will do this in Scotland. An experienced newbuild broker up there would be your best bet.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 -
Just putting this here in case it's useful for others.
I spoke to our bank this morning and they've confirmed that 90% mortgages on new builds are available directly with the bank but only for specific builders. Fortunately oour builder is one of the acceptable ones.
Thank you everyone for your responses this morning - why is house buying so stressful!!!0
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