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Moving home - mortgage help please!!
Ceecee207
Posts: 2 Newbie
My husband and I sold our flat over a month ago and have been searching for a new home ever since. This weekend we found the perfect house but we would have to offer substantially more than the home report value in order to secure a sale. This would mean we'd need a mortgage for 100% of the value while we would pay a further £30,000 in cash. My question is, is this even possible!? Our current mortgage is with Natwest and Know Your Money had details of 100% mortgages for existing Natwest borrowers (sorry, MSE won't let me post the link).
However I can't see any evidence of them on Natwest's website.
The annoying this is that we had a mortgage in principle for much more than we need but it was based on a 90% LTV which wouldn't work for us now. If anyone can give me any insight or advice I'd be so grateful. Thank you!
However I can't see any evidence of them on Natwest's website.
The annoying this is that we had a mortgage in principle for much more than we need but it was based on a 90% LTV which wouldn't work for us now. If anyone can give me any insight or advice I'd be so grateful. Thank you!
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Comments
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No, it's not possible. Maximum LTV would be 95% depending on lender/credit score/type of property.Slummy mummy!0
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100% mortgages don't exist anymore to general population, it's one of the reasons for the recession"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Thanks for the replies, you can probably tell I'm not very experienced with this kind of thing! Are 95% LTV mortgages generally available if your credit is good? My dad would be willing to lend us the extra 5% but not sure if that's even a good possibility!0
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Thanks for the replies, you can probably tell I'm not very experienced with this kind of thing! Are 95% LTV mortgages generally available if your credit is good? My dad would be willing to lend us the extra 5% but not sure if that's even a good possibility!
possible but he would have to sign a gifted deposit declaration that he would have no interest in the property"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I'm not sure what you mean.
If you're paying 30k cash (ie deposit), then you don't need a 100% mortgage.0 -
I'm not sure what you mean.
If you're paying 30k cash (ie deposit), then you don't need a 100% mortgage.
They're paying £30k over asking price (and presumably valuation) unless I've read the OP wrong..
And it would be 95% of the value of the property as a maximum mortgage, not 95% of the inflated purchase price.Slummy mummy!0
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