95% mortgage

missscotia

Hi All,



Hope you can help!

Are you able to get 95% mortgagesnowadays? Without the help to buyetc? Just a normal 95% one?


I seem to be getting a lot of contradictiveanswers, and not sure what to believe!

Thanks in advance.

glentoran99

yes

https://www.danskebank.co.uk/en-gb/Personal/mortgages/Residential-Mortgages/Products/Pages/mortgage-Interest-Rates.aspx

stator

Yorkshire Bank / Building Society (either or both I can't remember)
Nationwide to Save to Buy which you need to save for a few months to qualify

amnblog

There are a number of providers offering 95% mortgages.


Some under the help to buy guarantee scheme, some not under the scheme (whether or not a deal is under the scheme makes no difference to you as a borrower).


95% mortgages are not easy to maintain as they require a decent credit history - apply via a broker, not direct.

missscotia

We do have a decent amount of deposit for a 90% mortgage at £280000, but the mortgage advisor didn't seem keen to speak about a 95% one and I just wanted to check that there were some on the market, just incase it is because he doesn't get as much commission etc.

kingstreet

Our earnings are based on the mortgage amount.

A larger mortgage will mean we get paid more. We don't get paid less for arranging 95% mortgages.

The advisor may have felt you would be unlikely to be accepted for 95%.

stator

Or his limited selection of providers doesn't include any that do non helptobuy 95% mortgages.

missscotia

It would of been nice if he had given us the option though.

We earn good money between us, and could get a mortgage up to £400+k, if we have the appropriate deposit. Our credit records are both clear, and we have no debt.

He did say that the interest rates would be higher, but we understood this and it might of been nice to get information regarding it.

JimmyTheWig

kingstreet wrote: »

We don't get paid less for arranging 95% mortgages.

But presumably some mortgages (or at least some mortgage companies) pay better commision than others?
So if it happened that the mortgage company offering a 90% deal paid more commission that the mortgage company offering a 95% deal then it would be in the advisor's interest to push the 90% deal.

Whether they would get away with mis-selling it, I don't know.

[I think in the OP's case it is somewhat academic as I would have thought that someone who has a 10% deposit will be much better off with a 90% deal than a 95% deal.]

missscotia

Of course, I totally agree that the 90% mortgage is the way to go!

I just wanted to know if they still did 95% and why the mortgage advisor just didn't seem interested in speaking to us about these.

kingstreet

Pretty much every high street lender is crammed into the range of 0.32% to 0.35% of the mortgage amount.

The difference is minimal and not likely to influence anyone wanting a career in this business with a duration longer than 5 minutes.