We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
95% mortgage
Christiemollatt
Posts: 5 Forumite
I want to put a offer in on a property. I have my decision in principle from L@C done on my having 5% deposit as a first time buyer. The estate agents told me I will need 10% deposit as no where is going 95% mortgages anymore because of covid 19. Been telephoning L&C all week with no telephone call back how to proceed. Am scared of losing the property and don’t know what to do. Do I need 5% or 10% ? Thank you .
0
Comments
-
As a FTB in this climate, I'd have thought 10% would be your absolute minimum.0
-
Good luck with Land C, your going to need it"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
It let me do my decision in principle on 5% deposit. And gave me a list of mortgage options. Why does it do that if you need 10% ? X0
-
It's because you used L&C.
They're not very good at mortgages.
If you're trying to find a suitable mortgage, you probably want to use a proper broker.1 -
AIP/DIP are not as accurate as mortgage application, they are only a guide, I would trust less what L&c have done imo.Christiemollatt said:It let me do my decision in principle on 5% deposit. And gave me a list of mortgage options. Why does it do that if you need 10% ? X"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
L&C don't even do proper lender DIPs as it's based on L&C affordability not what a lender may lend you.
Find a better broker if you can get 10% deposit.
Unless you are doing shared ownership and that's why it's 5%, but again, find a better broker.Mortgage started 2020, aiming to clear 31/12/2029.1 -
Would I be ok with a 10% deposit then ?0
-
I just scraped a 10% deposit, and I was encouraged to boost that to 15% in the current market. You'd really struggle with 5% as most lenders have stopped offering 95% LTVs, and I don't see them coming back until at least next year. If you can't get in to see a broker, you could try one of the online ones like Habito or Mojo
Buy My First House During A Pandemic Challenge
26/7 Nationwide 90% LTV Application Received | 26/7 Soft Credit Search | 4/8 Hard Search | 14/8 Underwriter questions | 17/8 Valuation booked | 19/8 Physical valuation & report received | 7/9 Mortgage offer | 27/11 Exchange & Completion1 -
Are you doing a full purchase or a shared ownership purchase?0
-
Am not sure what that means as I am a first time buyer. Me and my partner are buying the property together. On one else involved. Does that answer it ?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards