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Applying for a mortgage.
jessmungo91
Posts: 1 Newbie
Yesterday me and my boyfriend went to the bank to see if we could get a mortgage. We got accepted but due to my boyfriends credit score we have to have a 15% deposit.
Will this be the same if we went to any bank to try or is there a possible chance they may want less deposit elsewhere?
Thanks
Will this be the same if we went to any bank to try or is there a possible chance they may want less deposit elsewhere?
Thanks
0
Comments
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I suggest you give london and country a call, they are whole of market mortgage advisor's and they are free. They will have much more choice open to you than just your bank.
However, I would advise against getting a 95% mortgage (if there even are any these days) but you may get a 90% mortgage. How much do you have in terms of deposit, and have you consider moving fees, solicitor fees etc.
Another option is the help to buy scheme- you could have a 5% deposit and the government backs the other 10% giving you rates equivalent to an 85% deposit. That also opens up more mortgages for you.0 -
Ask around family and friends/colleagues - see if anyone can recommend a good independent mortgage advisor in your area. They should give you useful advice and information and you can see what a number of different lenders might be able to do for you.
Do your own homework as well and make an informed decision.0 -
Help To Buy - Equity LoanAnother option is the help to buy scheme- you could have a 5% deposit and the government backs the other 10% giving you rates equivalent to an 85% deposit. That also opens up more mortgages for you.
Is newbuild only. The Government provides a 10% or 20% loan on top of your minimum 5% deposit. The loan is interest-free for 5 years. When you sell/repay, you pay back the percentage of the property value at that time, not the £ amount you borrrowed originally.
Help To Buy - Mortgage Guarantee
For newbuild and second hand. The Government encourages lenders to offer more 95% mortgages by covering them in the event of repossession and by reducing the capital requirements normally needed to offer 95% mortgages.
There is no loan and you don't get an 85% mortgage rate. The rates are usually around the 4.8% to 5.3% mark.I 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
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