Mortgages/Loans/Finance

[3Beloved]

Does anyone know any mortgages that don't require a high deposit??

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[Durhamchance]

Yes

I've just bought a new build 3 bedroom home with a £5000 deposit. It is though Barratts and it is on a shared equity scheme.

Basically Barratts are giving us a 20% loan towards property that we pay back after 10 years (interest free) or when we sell the house. The idea is that you pay the loan out of the equity made.

Bear in mind that you will still need at least £1000 for solicitors fees, searches and surveys x

 

[daniph1]

Local authorities have just launched a new scheme with lloyds tsb. Yu put down 5%, the guarantee 20% and you get a better rate!

 

[littlemiss83]

Clydesdale bank are doing a 95% mortgage. So only a 5% deposit. There is a calculator on their website.

http://www.cbonline.co.uk/personal/mortgages/new-customers/first-time-buyer/

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[3Beloved]

Thanks Ladies

X x

 

[kedi376]

New builds are probably your best option. I live in a new build and they are still building here with 95% mortgages and some really good offers going too.

 

[Froslass]

Also, if you can wait a few months, you can open a save to buy account with nationwide.

The idea is you put money in for six months then you're eligible to apply for a 95% mortgage with them x