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Do 5% deposit mortgages really exist ?
bnegative
Posts: 27 Forumite
After a little inquiring it appears that lenders expect a family member to deposit 10% into a savings account to be held for a few years when only a 5% deposit is available.
If i keep searching will i actually find a lender that will be satisfied with just a 5% deposit and not requiring family help?
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Comments
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They exist as products, they are sold to home buyers, but you also need to meet the affordability criteria, have a very good credit file and be an ideal customer apart from the low deposit.bnegative said:After a little inquiring it appears that lenders expect a family member to deposit 10% into a savings account to be held for a few years when only a 5% deposit is available.If i keep searching will i actually find a lender that will be satisfied with just a 5% deposit and not requiring family help?
Rather than searching yourself, why not speak to a mortgage broker and let them to the work and find the products that are available to you.2 -
They definitely exist.
If your struggling, speak to a broker.I am a Mortgage AdviserYou 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.1 -
If searching, use the term "95% mortgage", not 5% deposit mortgage. You might get more hits that way.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.1
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