5% mortgages; unavailable at the moment?

lucyw88

Hi all, any help with this would be appreciated it.
Myself an my husband are looking to move from our mortgaged two bed to a four bed property. Unfortunately, I was doing supply teaching for the last two years and only just have a full time permanent teaching job. Hence our savings are somewhat...depleted:o.
If we bought a property at the cost we'd expect, we'd have between 5-7% deposit depending on what price we'd sell here at. We spoke to our mortgage broker and he said they don't deal with any lenders who offer 5% at the moment. We know they deal with Natwest and Natwest are offering 5% mortgages so we're a bit confused.
Anyone have any insight?
Thanks!

ACG

Might just be a nice way of them saying they dont want the case?

If they did not deal with lenders who offered 95% mortgages they would have a very small choice of lenders to deal with.

lucyw88

The only thing me and hubby could think of is that he phoned them 5 mins before closing (he didn't realise till after). But we thought it was a bit weird. Hubby suggested that if it's year end are banks not generally taking on "high risk" clients so 5% deposits are out the window?

ACG

There are plenty of 95% mortgages available and for people with defaults etc. So I dont see that being a reason.