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90% LTV on a new Build
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Joeld
Posts: 7 Forumite
Hi all,
My wife and I are just about to sell our home, accepted and offer yesterday and are looking to get a new build in a town near us. The new build won't be done until next year so we are going to go into rented in the middle.
The question I have is what (if any) mortgage providers are doing 90% LTV on new builds at the moment? The developer we are looking at aren't doing help to buy or newbuy and it seems that most providers cap at 85%. I found a thread from last but was wondering if anyone had more recent information?
My wife and I are just about to sell our home, accepted and offer yesterday and are looking to get a new build in a town near us. The new build won't be done until next year so we are going to go into rented in the middle.
The question I have is what (if any) mortgage providers are doing 90% LTV on new builds at the moment? The developer we are looking at aren't doing help to buy or newbuy and it seems that most providers cap at 85%. I found a thread from last but was wondering if anyone had more recent information?
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Comments
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Most lenders top out at 85% LTV for new build houses, however there are a few that will go to 90% at the moment.
I'm not going to name names as I havent done a full fact find on you so dont know if you will meet all the criteria.
Just wanted to give you reassurance that on the specific point you raise there are currently lenders available.
When the time comes your chosen broker will identify them for you.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 -
My bf is in the process of buying a new build (Scotland) He got a 90% mortgage from Halifax. Rates are a bit higher than other products though. It's on a 2 year fixed so can re assess at that time0
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Halifax doesn't routinely lend 90% on newbuilds.
The builder and its broker have to be on the newbuild panel to qualify;-
http://www.halifax-intermediaries.co.uk/pdf/participating-builders.pdfI 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 -
You could try to get 5% gifted deposit from builder, but a lot of builders have now pulled these as a lot of buyers!0
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I think First Direct might offer 90% LTV on a new build house (not flat)
Also try Bath Building Society, Leeds and Skipton.
Aldermore will almost definitely offer it (subject to your circumstances) but interest rates aren't the most competitive. When I was looking in May (for 90% LTV on a flat), 2 year fix was just over 5%0 -
First Direct definitely do not. 85% maximum0
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