95% ltv question

gazfocus

Don't forget that on top of your deposit, you will need to pay for a solicitor, survey and stamp duty at 3% which would be £9,000 on a £300,000 house. So at £2,500 per month, you're going to be saving for at least 5 months just to cover the fees before you even think about the deposit.

I would also just like to echo the fact that a good local broker is worth it's weight in gold.

We bought a house earlier this year with some very difficult barriers for our mortgage broker to overcome (I am employed full time, I also own a ltd company that I don't take a wage from but my wifes wage comes from my ltd company. On top of that, we were keeping our old house and renting it out and buying the new house completely seperately).

The mortgage application went so smoothly, we went from offer to completion within 7 weeks. I was blown away.

We did have a 25% deposit but it wouldn't have been possible if we hadn't gone to a mortgage broker.

laurieballard999

Some lenders may be concerned about borrowing additional unsecured money to use as a deposit, I would be that most would not allow it as you need to state where the funds are coming from.

To give you an idea, myself and my partner have just done the 95% mortgage guarantee so a full 95% mortgage.

We take home nearly 60k although we are both in permanent jobs.

Halifax wanted 3 months payslips and proof of deposit.

I have two sets of late payments on my credit file, one was 2 years ago and missed three times in a row and one was 3 years ago with 1 missed payment. The three missed payments were a mistake with a direct debit with a Halifax current account and Halifax are our lender....

Got an offer back in 3 weeks for £218k mortgage as first time buyers.