Does a 95% ltv mortgage on a new build actually exist?

Domerider

Hey all

Newbie here and I really hope someone can help. Our financial advisor cannot find the product we need. Nobody seems to offer the following....

95% LTV mortgage on a new build property (not part of government scheme).

Does it even exist? We only have 5% deposit and wish to avoid the major new builds nearby all offering NewBuild or Help to Buy. They are terribly overpriced and crammed in. Our house with offer accepted is perfect for us and discount already negotiated. It's walking distance from work for my wife.

We are newly married, both got great credit rating and lots of headroom (can get mortgage of £300k + on an older house) but we're being sensible. Offer accepted at £245k but the local builder (well known) is not part of the government scheme.

Nobody will offer the product we need and our trusted financial advisor has spoken to about 20 of the industry big providers right down to the smaller ones. If the house was old, not an issue.
This one is new, efficient, allows us to budget and needs nothing replacing. But no one will touch 95% mortgage on a new build. Door is closed before we start.

HELP!! It's so gutting as we're a great proposition for a provider.

Thanks for any consideration.

Matt

ACG

HTB2 is available on all properties (new and old) - its the lender who is part of the scheme not the developer.

Assuming its a house there are 95% deals available either using the HTB2 scheme or not. If its a flat, I would assume there are deals available but having never done a 95% new build flat im not 100% sure.

Andyt1981

Halifax do a 95% mortgage for New Builds.

kingstreet

The Halifax product used for 95% on a newbuild is HTB - Mortgage Guarantee, but it is only available via particular builders and their brokers, not across the market as a whole.

http://www.halifax-intermediaries.co.uk/pdf/participating-builders.pdf

I know of no lender offering a 95% product on a newbuild which isn't done via HTB - MG, or NewBuy.

laurieballard999

kingstreet wrote: »

The Halifax product used for 95% on a newbuild is HTB - Mortgage Guarantee, but it is only available via particular builders and their brokers, not across the market as a whole.

http://www.halifax-intermediaries.co.uk/pdf/participating-builders.pdf

I know of no lender offering a 95% product on a newbuild which isn't done via HTB - MG, or NewBuy.

I would concur with this, we had to use a specific broker and we are buying with Bellway.

ethank

You can't get a 95% mortgage on a new build. Mostly 85%LTV and in a very small set of circumstances (which don't look as if they apply above) - 90% but never 95%.

laurieballard999

ethank wrote: »

You can't get a 95% mortgage on a new build. Mostly 85%LTV and in a very small set of circumstances (which don't look as if they apply above) - 90% but never 95%.

That's not correct, we have a mortgage offer from Halifax on a 95% on a new build.

There are very few lenders that do it and the ones that do have a list of builders and brokers that they will deal with.

ethank

I should have said it is not generally available. Given the context the OP mentioned - it is unlikely (a small local builder) that they would get a 95% mortgage.