I just applied for 95% mortgage with new government scheme!!!

chasingfreedom

Hi all, I know lots of people like me have been waiting for the scheme to launch today. We've had a few successful AIP's in recent months and had no issue with affordability but due to our outgoings they always requested 15% deposit. I just applied with Natwest under the new scheme and got an instant AIP at 95% ltv i thought it might give hope for people who are waiting. (Natwest had previously given us an AIP but only at 85%) 

James-may

Excellent news, hopefully when I apply next month even more options will be available.

MissRenter

This is good to hear! We were also only given 85% with NatWest! 

Did you change the DIP or start a new one? We’ve got 90% with Barclays but as they do a hard search would rather stick with them if we can just change the DIP we already have. 

greensalad

What rate did you get? I've been trying to find rates for the new scheme mortgages but most of the bank websites don't seem to have any details listed.

chasingfreedom

MissRenter said:

This is good to hear! We were also only given 85% with NatWest! 

Did you change the DIP or start a new one? We’ve got 90% with Barclays but as they do a hard search would rather stick with them if we can just change the DIP we already have. 

I started a brand new one the first one we had was via a broker so I didnt have access to it directly.

chasingfreedom

greensalad said:

What rate did you get? I've been trying to find rates for the new scheme mortgages but most of the bank websites don't seem to have any details listed.

I'm being offered 2 year fixed at 3.9% or 5 year fixed at 4.04%. Both without product fees.

greensalad

chasingfreedom said:

greensalad said:

What rate did you get? I've been trying to find rates for the new scheme mortgages but most of the bank websites don't seem to have any details listed.

I'm being offered 2 year fixed at 3.9% or 5 year fixed at 4.04%. Both without product fees.

Thanks for the info! We were planning to go with the Barclays Family Springboard which is 3.45% but were hoping some of these new guarantee scheme mortgages might have similar rates as it would give us flexibility to buy beyond £500k. Sadly it seems the rates are all quite a lot higher than what we can get with Barclays!

chasingfreedom

greensalad said:

chasingfreedom said:

greensalad said:

What rate did you get? I've been trying to find rates for the new scheme mortgages but most of the bank websites don't seem to have any details listed.

I'm being offered 2 year fixed at 3.9% or 5 year fixed at 4.04%. Both without product fees.

Thanks for the info! We were planning to go with the Barclays Family Springboard which is 3.45% but were hoping some of these new guarantee scheme mortgages might have similar rates as it would give us flexibility to buy beyond £500k. Sadly it seems the rates are all quite a lot higher than what we can get with Barclays!

Well they are only just launching so may change but I would imagine springboard mortgages are less risk for the lender so not sure they'll beat them. Either way, good luck!!

mjane93

How long does it take to get a DIP if going through a broker? Seems like if done in your own it’s almost instant?

lonibra

From the information that I've been asked by my MB, I think MB DIP applications are much longer than when you do it direct, which asks for much less information.

Once all the information is in, I don't think there's any difference, it's all instant.

chasingfreedom

mjane93 said:

How long does it take to get a DIP if going through a broker? Seems like if done in your own it’s almost instant?

I had one back within a few hours via a broker and one took a few days. I would imagine it depends on how quickly they enter it rather than how long it takes the bank to respond though. Unless it gets referred by the bank and takes them longer to decide.