Any lenders offering 95% mortgages yet?

vonhelmet said:
Mind you, why would you want to sell your house just because you've lost your job? In this country it is imperative that you own property as renting is for plebs.

:rolleyes: (not directed at you, just at the prevailing attitudes in this country)
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It's horses for courses. I rented for about 10 years after moving out and never really took a pride in anywhere I lived in. Since I've owned places I've really enjoyed looking after and improving where I live and would say I am much more comfortable.

If you prefer renting then fine, it was certainly more convenient for me when I was moving abroad etc. It totally depends on what you want and your own situation. :)
 
I'd like my own house simply because I want to do diy, gardening and make it somewhere I want to live. There's only so much you can do with a rented place.
 
platypus said:
I'd like my own house simply because I want to do diy, gardening and make it somewhere I want to live. There's only so much you can do with a rented place.
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exactly and buy nice furniture. Not much point when your renting as you don't know if it'll fit in the next house.
 
http://www.fsa.gov.uk/tables

Just found this, seems like there are a handful of lenders offering 95%. Including Yorkshire Bank.

Things good be looking up :)

As some have said, one thing I am looking forward to is being able to buy nice furniture, do the house to our own taste, even little things like putting shelves up without having to ask! Exciting times ahead :)
 
Best advice I can give is that if money would be relatively tight with the mortgage make sure you check out redundancy cover. I was considering it a few months ago but didn't and of course I'm now being made redundant.....

Good luck with it anyway :)
 
GinG said:
http://www.fsa.gov.uk/tables

Just found this, seems like there are a handful of lenders offering 95%. Including Yorkshire Bank.

Things good be looking up :)

As some have said, one thing I am looking forward to is being able to buy nice furniture, do the house to our own taste, even little things like putting shelves up without having to ask! Exciting times ahead :)
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As someone who has both rented and owned their own home - I'd suggest that just now is a good time to rent. Give the market another 12 months before you buy. Prices are coming down, and there is NO rush to commit to the biggest financial decision of your life.
 
jamief said:
Because house prices are still coming down - the fact that the lenders want at least a 10% deposit shows that they think this will continue.
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Or not...

Natiowide said:
Surprise bounce to March house prices
House prices increased by 0.9% in March
House purchase activity reaches highest level since May 2008
Welcome signals of market improvement but too early to talk of house price recovery
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Although that is only one month.:)
 
I believe it was the 2nd month in succession that there was a rise. However, it's important to realise that the Easter weekend is the most busiest of the entire year, so it's kinda normal that there was some increased activity during the month.
 
places are offering them but i would imagine you need very good credit history to get them. also wont be the best interest rate
 
GinG said:
Its really annoying as the mortgage is not a problem, its affording the deposit like people have said!
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I hear this sort of thing quite a lot, but you are only looking at it from one side of the argument. The lender needs to balance the risk of their investment, and offering 95% at a time when house prices are falling and unemployment is rising is sizeable risk. Whether you can afford the payments in your current jobs doesn't won't help the bank if they need to repossess the house for whatever reason (typically job losses).

Don't forget that even if you can get a 95% mortgage, the fees/rate will likely be much less favourable due to that added risk. In the long term you'd likely be better waiting for 90% or lower unless house prices were rising sharply.

I think some people get a bit indignant over the whole thing "I can easily afford the repayments, why won't they let me have one!", but you need to consider the lender's POV. I was faced with the opposite situation a while back, I could afford a decent deposit but was limited by my income in terms of what lenders would offer me.

The bottom line is, there is no divine right for people to be able to borrow money (and thus buy a house); the lender offers their terms and you choose whether or not to accept.
 
The difference between <80% and >80% is that you have to have 30 times the cover at over 80% under the current regulatory framework thus only the strongest lenders are offering that sort of deal, i.e HSBC. Plus, the criteria are fairly strict and you are still talking of needing two people in good, strong jobs who have a permanent contract each - not exactly millions kicking about. The top end of the market is almost bang on for it's repayments and if they aren't, the whole system is dead. Would you lend 90% to a Doctor and an a Dentist who are in decent jobs? Pretty much. Would you lend to a builder and a dog groomer? Probably not.

When I did my lending qualifications, my lecturer said that if you have never had a bad debt, you aren't lending enough. Not that you should have buckets of bad debts, but lending involves risk and more importantly, risk management. Even the best lending can go bad.
 
BullBoyShoes said:
I`m just curious.. if you were a first time buyer say 3 years ago, now its time to remortgage but still need > 90%, what happens then?
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Right now it's probably best to get onto the banks SVR, this seems to be lower than new fixed and tracker rates generally...
 
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