95% mortgage success stories

Manchester_123

Hi all

As there seems to be a lot of negative stories on here and bad news for people I wondered if anyone could share success stories of successfully being accepted for a 95% mortgage?

It would be useful to see some actual figures as well in terms of deposit, house price, financial situation ect just to give people an idea?

Thanks guys

Paul98

I got my 95% FTB mortgage with TSB back in August.
House price of 125k so deposit of 6.25k and a rate of fixed rate of 3.89% for 2 years (looking forward to reducing this in a few years time!).

Income around 37k and absolutely sqeaky clean credit history with long standing credit card and current accounts with Nationwide. Managed to make use of the HTB ISA for 7 months so a nice little bonus of £650 towards the deposit at completion (I'm in Scotland so none of those "can't use it for exchange" problems ). Also got a lovely £250 bonus from TSB when the mortage went through.

All I need to do now is pay the remaining 118k...:beer:

stator

Mine went through fine with Santander. 95% 30 year (5 year fix). Good credit history and no dependents. House price was ~ £120k and was a fair few grand short of what they said I could borrow on their simple web calculator, so wasn't pushing the boundaries.

wjr4

We completed almost a month ago on a £260k house, 95% mortgage so a £13000 deposit (it was actually slightly higher as it meant we would add the product fee/valuation fee to the loan), a 40 year term with Nationwide. The interest rate was 3.79% I think for a two year fixed rate.

We both work full time, no children and earn approximately £53,000 pa - some of this is overtime so it varies. It has worked out a lot cheaper than renting an equivalent place. We now have a 3 bedroom house for £220 more a month than when we were renting a two bedroom flat.

Overall I think everything came to about £22,000. We both have an emergency fund of about £1300 each and are topping this up each month. Total debt comes to about £11000 which is two car loans and a small amount on a credit card. My partner also has a student loan.

We did stretch ourselves to the maximum that they would lend us but it is affordable, and will continue to be affordable for the foreseeable future. We plan to shorten the term and overpay in the future but this was the only way we would have been able to get on the property ladder in Essex!

Amydan16

I have been waiting for a post like this thanks you

Manchester_123 wrote: »

Hi all

As there seems to be a lot of negative stories on here and bad news for people I wondered if anyone could share success stories of successfully being accepted for a 95% mortgage?

It would be useful to see some actual figures as well in terms of deposit, house price, financial situation ect just to give people an idea?

Thanks guys

Amydan16

If you don't mind me asking what was you credit score? You situations is very similar to mine just we have gone for a less expensive house many thanks

rjw4 wrote: »

We completed almost a month ago on a £260k house, 95% mortgage so a £13000 deposit (it was actually slightly higher as it meant we would add the product fee/valuation fee to the loan), a 40 year term with Nationwide. The interest rate was 3.79% I think for a two year fixed rate.

We both work full time, no children and earn approximately £53,000 pa - some of this is overtime so it varies. It has worked out a lot cheaper than renting an equivalent place. We now have a 3 bedroom house for £220 more a month than when we were renting a two bedroom flat.

Overall I think everything came to about £22,000. We both have an emergency fund of about £1300 each and are topping this up each month. Total debt comes to about £11000 which is two car loans and a small amount on a credit card. My partner also has a student loan.

We did stretch ourselves to the maximum that they would lend us but it is affordable, and will continue to be affordable for the foreseeable future. We plan to shorten the term and overpay in the future but this was the only way we would have been able to get on the property ladder in Essex!

minimike2

Amydan16 wrote: »

If you don't mind me asking what was you credit score? You situations is very similar to mine just we have gone for a less expensive house many thanks

There is no such thing as someone having a "credit score". The "scores" set out by the credit agencies are their own interpretations and are meaningless to a lender when a credit application is made.

Newbie78

Hi All,

We have been approved pending valuation which is taking place on Monday 21st

Broker has been great, we are doing the shared ownership mortgage

First time buyers, no dependants, good credit history

All looking good, fingers crossed it goes though in the next week or so

wjr4

Amydan16 wrote: »

If you don't mind me asking what was you credit score? You situations is very similar to mine just we have gone for a less expensive house many thanks

As mentioned above, the score doesn't mean anything but we have no late payments or anything like that. I had a few missed payments in 2011 for a phone bill but I don't think that mattered. The main debt we both have are car loans (which I wish I never took out!) and my credit card is approximately £700 with a limit of £1000 and I have another card which I don't use and it has no balance, with a credit limit of £500 (reduced this from about £2500 & I'm going to close now). Hope this helps

Manchester_123

Really good info from every one thanks for your contributions. It's nice to hear some positive stories for once!