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Are any banks still doing 95% mortgages?

(13 Posts)
sb6699 Mon 08-Jun-09 16:42:32

What the title says really.

Have browsed the net and cant find one.

We have just found a property we really like and can afford but had to dip into our savings when my car died so have just less than 10% deposit and no way of finding the rest at short notice.

Jackstini Mon 08-Jun-09 16:45:41

The Nottingham are advertising them for first time buyers if that helps?
Best bet is probably to go through a broker and they will check everyone for you; try London & Country, they found the best deal for me

woodenchair Mon 08-Jun-09 16:59:20

I saw an article earlier that the Nationwide are reintroducing them, but they may be only for existing customers, sorry I wasn't reading it too closely.

The times website or thisismoney.com normally have links to the latest deals, might be worth a look

sb6699 Mon 08-Jun-09 17:00:58

Thanks Jacks. Had tried a local broker already who couldn't find us one. Becoming really frustrated at this. Took us ages to save the 5% then we had to find 10% only for circumstances dictate that it wasnt there for long.

Really love this house and cant believe we can afford it - although it needs ALOT of work (but anything in our budget will probably need something doing).

Off to google the Nottingham.

sb6699 Mon 08-Jun-09 17:02:24

The nationwide ones are for existing customers only.

Thanks anyway Woodenchair.

sb6699 Mon 08-Jun-09 17:08:47

Looks online as if the Nottingham are looking for 20%. doesnt mention FTB though, maybe will give them a ring in the morning.

Jackstini Mon 08-Jun-09 22:13:41

If you don't get anywhere I will check the ad for you to see if there is a special number (paper is at work!)

Jackstini Mon 08-Jun-09 22:17:09

Or try these tips
www.moneysavingexpert.com/mortgages/best-mortgages-cashback

sb6699 Tue 09-Jun-09 00:22:53

Thanks Jacks, if you can get me the phone number I'd be really grateful (I never seem to get through to the right person when I just us a general switchboard number).

Think I'll try that broker you mentioned earlier they seem to come recommended on mse website.

Our offer has just been refused but its as high as we can go atm if we can only get a 90% mortgage - disappointed but whats for you wont pass you by as my gran says!

Jackstini Tue 09-Jun-09 09:45:51

Absolutely! Hope it is meant to be that you can get a mortgage though.
The ad was on the property pages so is a branch number - 0115 9681044
It says:
First-time buyer?
Ask about our 95% mortgages
6.39% fixed rate until 01.07.2012 then changing to variable 6.14
295 arrangement fee

Good luck!

titchy Tue 09-Jun-09 10:07:22

Don't forget you'll need money for stamp duty, solicitors fees and the survey as well.

mumblechum Tue 09-Jun-09 10:09:54

6.39% is a very high rate, and what happens if prices go down further and you end up in negative equity?

Sorry to be Mrs Doompants, but there is a reason for them to want at least 10%.

Could you not rent somewhere for a year or so to build your savings back up again?

sb6699 Tue 09-Jun-09 11:12:01

Thanks again Jacks - will get dh to give them a ring.

Titchy- house is below stamp duty threshold and have accounted for solicitors fees etc.

Agree mumblechum 6.39 is high, but not the highest out there atm even with 10% deposit. Unfortunately it seems to be pretty much the norm unless you have 25% deposit which due to cost of houses here we dont have a hope of getting.

LOL - at Mrs Doompants (dont worry I see what you're getting at).

dont think this particular house could fall much further in price especially after its done up. Its a reposession and on the market for £50K less than the same house further along the road.

Just totally fed up of renting. Its really hard to save after paying a ridiculous amount in rent each month when we could be out slightly less and have a home of our own (and one that you at least have enough room to swing a cat in which you cant in our tiny rented home).

Thanks again all.

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