Are there 10% deposit mortgages at the minute?

[Cocoloda]

Just going through mortgage application (through a broker) and we've been told that anything over 400k needs 20% deposit. We've managed to secure that (just!), but we are not ftb and have excellent credit scores. Our income is well above affordability base line for the property we are buying. Is this just the norm at the minute?

I thought the new 95% mortgages backed by the government were up to £600k?. I know not all providers are offering them, but 20% for 400k seems excessive.

House is quite a bit above 400k, but that was just the figure used by mortgage broker to say when LTV switched to higher deposit amount. The interest rate we have been offered is very low - so wonder if that is the upshot. However, feeling rather queasy at the extra 10% we've had to find and thought that even 95% mortgages were sneaking back in

There aren’t many 95% mortgages about yet. There are a few 90% offers on the market, plenty of 85% so unless your broker is tied to a small number of lenders (which isn’t ideal) I’m not really sure where he’s coming from! Worth challenging him on this for sure.

Thanks. Don't think I'll even challenge him, will just try another broker!

Yes, we were offered one with tsb I think. We went with 15% in the end

A friend got theirs through Nationwide a few months ago. House price was £450k and they had a 10% deposit

We've just got a 85% with Nationwide on a property costing £415k

There are some 10% but the rates are very high.

There about but mortgage advisors are advising its better to have more. I got a 90 ltv myself but its 3 times income. Better to have a lower ltv for access to better rates. The plan is to over pay as much as possible

Nonsense. We got a mortgage on a £540k house with a 15% deposit recently and our broker told us he could have got us one with 10% but the rate wouldn’t have been as good.