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First Time Buyer New Build Mortgage
bigjan
Posts: 2 Newbie
Hi All
Been reading the forums for a long time but this is first post!
Myself and my partner reserved a new build property back in January and had agreed with a bank on a mortgage with a 5% deposit. We held off on the full application (as advised by bank and others) until closer to the completion date which was originally scheduled for end of July/early August.
Then lockdown happened!
The bank in question are now only accepting applications with a 20% deposit.
We may be able to get together 10% but 20% would most likely be way out of the question.
There is an added complication in the fact that my wages are paid in the Republic but we live in Northern Ireland. My wages go through the Irish Revenue system but they are paid into a Sterling Bank account each month at an agreed rate so there is no fluctuation in the amount received. My contract of employment also states the salary in Sterling.
We both have luckily had no impact so far regarding Corona virus and our wages.
Virgin have yesterday/today removed their 90% ltv options from what I can see, although they also wouldnt take application in Northern Ireland as they cannot complete a valuation at this moment.
Would we have any other options out there?
Been reading the forums for a long time but this is first post!
Myself and my partner reserved a new build property back in January and had agreed with a bank on a mortgage with a 5% deposit. We held off on the full application (as advised by bank and others) until closer to the completion date which was originally scheduled for end of July/early August.
Then lockdown happened!
The bank in question are now only accepting applications with a 20% deposit.
We may be able to get together 10% but 20% would most likely be way out of the question.
There is an added complication in the fact that my wages are paid in the Republic but we live in Northern Ireland. My wages go through the Irish Revenue system but they are paid into a Sterling Bank account each month at an agreed rate so there is no fluctuation in the amount received. My contract of employment also states the salary in Sterling.
We both have luckily had no impact so far regarding Corona virus and our wages.
Virgin have yesterday/today removed their 90% ltv options from what I can see, although they also wouldnt take application in Northern Ireland as they cannot complete a valuation at this moment.
Would we have any other options out there?
0
Comments
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95% on a newbuild in NI?
Don't know but can tell you there's nothing in E&W and we've today lost two lenders at 90%.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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