First time buyer

[Nicol@]

Is there anything for 'first time buyers' that does not involve shared ownership or a million pounds deposit ...ok I exaggerated a little.

Is 15% deposit the smallest out there?

[JMT1]

Much depends on circumstances....
There are a few out there at 90%...not very sexy products though.

[Muzzlehatch]

NatWest have just launched a 95% first time buyer mortgage, but with strings attached:

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi...

[Nicol@]

Muzzlehatch said:

NatWest have just launched a 95% first time buyer mortgage, but with strings attached:

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi...

Don't think I will be doing that, but thanks for finding it.

Anything else? as I am trying to move house asap and would rather not rent.

[scotal]

Nicol@ said:

Muzzlehatch said:

NatWest have just launched a 95% first time buyer mortgage, but with strings attached:

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi...

Don't think I will be doing that, but thanks for finding it.

Anything else? as I am trying to move house asap and would rather not rent.

Entirely depends on deposit, financial circumstances and credit score at the moment.
High LTV's mean high rates at the moment.

[Nicol@]

scotal said:

Entirely depends on deposit, financial circumstances and credit score at the moment.
High LTV's mean high rates at the moment.

I could only get a max of 10% deposit.
In a long term job. No loans overdrafts etc. Got my first credit card last month to start building a good score.

Would it be easier to have some babies and get a nice house from the council?

[cs02rm0]

All in good time.

[Nicol@]

Haworth.

You mis-interpreted me.

I can only get a max of 10% together as that is what I could find now. I need to move house now due to other issues.

[Big Time Charlie]

Nicol@ said:

Haworth.

You mis-interpreted me.

I can only get a max of 10% together as that is what I could find now. I need to move house now due to other issues.

HSBC keep banging on about the fact they have £1bn to lend to borrowers with 10%, so they could be your first port of call. Try MoneySupermarket for an idea of other lenders; some of the more obscure ones you wouldn't usually think of crop up on there, and you can tailor the deals you see to your circumstances.

Also, Natwest are doing a 10% FTB mortgage @5.99 fixed for 5 years with no fee. This is as good as you're going to get in the current market.

[Welshbeef]

Well I opted for the Woolwich Offset mortgage - they have various different deals on LTV. All are variable but mine is capped at 6% up to Summer 2012 and is currently 3.49% so I can quite happily afford this range very comfortably.

The other thing is that as its an offset & I have savings (even cash ISA's) they can all be offset against the mortgage. So during this low interest rate period I'm killing the mortgage balance (well putting more & more into my offset account) but even when rates go up and its outside of the capped period it makes no difference as my other savings accounts if outside of the mortgage offset would be increasing.

I think the %'s are 60/70/80% maybe more but cannot recall. The other benefit is at any time during the mortgage given you have enough in the mortgage you can draw down with zero fees and at that same mortgage rate so say a new car etc this will be the best way to buy in the future (provided you pay it off over the same timescale as the loan you would have taken out).

[beesma]

i am sure you could make it 20% if you were prepared to part with the scooby ;-)

[Nicol@]

Moving into a rented house this weekend (which solved by biggest problem of needing somewhere to live that wasn't where I am now) and hopefully I can start saving a little more towards a deposit, then I can review the situation again in six months.
At least a have a little breathing space now.

Thanks everyone (even Mark)

[beesma]

anytime!

[tonyvid]

Nicol@ said:

Moving into a rented house this weekend (which solved by biggest problem of needing somewhere to live that wasn't where I am now) and hopefully I can start saving a little more towards a deposit, then I can review the situation again in six months.
At least a have a little breathing space now.

Thanks everyone (even Mark)

Hi, I hope your move went ok. I was sunburnt and bored so trawling through some of the past few day's threads Just as a coincidence, I stumbled across, elseware, what I think is why you have moved, hope stuff all works out ok for you.