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95% mortgage question
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Abbey also deal with up to 5% gifted deposits.
There are also some lenders that will deal with 100% and over as an option.
Halifax will also lend up to 97% LTV (Loan To Value) meaning they would need to find a 3% deposit.
One Account also lend up to 99% LTV as I recall.
Sorry did not have time to look at your actual figures as I must get back to the day job.I am a Mortgage Adviser
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.0 -
BOS do/did gifted deposits"enough is a feast"...old Buddist proverb0
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HGLTsuperstar wrote:Friend has asked my advice on the following, but wanted to bow to the superior knowledge of (some of) the board to make sure on this:
FTB and has seen house on market for £120K, which given location, state of house etc is below market value, but vendor is emigrating so wants shot of it ASAP and has agreed to take £112K for quick sale.
Friend is a little short on 5% deposit, but as house is valued at 120, then 95% mortgage is £114K so could she get £112K or even 114 and have a bit for furniture etc.
My thought was no, as the lender will take it to be 95% of actual sale price, not what house is worth, but wanted to see if there is anyway round this?
thanks
I got a mortgage through the halifax, based on the valuation and not the lower purchase price allowing me to get a 95% mortgage, so it is possible. Went through a mortgage advice company called first mortgage.
Hope this helps.......0 -
Paulo wrote:I got a mortgage through the halifax, based on the valuation and not the lower purchase price allowing me to get a 95% mortgage, so it is possible. Went through a mortgage advice company called first mortgage.
Hope this helps.......
In that case somone or some people, somewhere down the line committed fraud.
Whether knowingly or not. It is tricky ground and going above board is the best way.I am a Mortgage Adviser
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.0 -
Fairdo wrote:In that case somone or some people, somewhere down the line committed fraud.
Whether knowingly or not. It is tricky ground and going above board is the best way.
Thats quite worrying, considering I used a multi national bank and a national mortgage advise company.
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