It is possible to purchase with only a 5% deposit!!
Although there are no lenders who offer 5% deposit mortgages on a standard purchase, one well known High Street lender offers a way round this:-
Step 1. BEFORE you move you need to remortgage your home with a standard mortgtage with a specific High Street lender. Up to 85% loan to value is available for this.
Step 2. You need to have this new mortgage in place for 1 month. The lender will then allow you to port the mortgage (take it to the new property)
Step 3. The lender allows a TOP UP to 95% on purchases. The top up will be at a higher pay rate than the ported product, but it is still a reasonable rate.
The 5% deposit is available on purchases up to £250,000. For purchases up to £500,000 a 10% deposit is required.
As with all remortgages and purchases any lending will be subject to affordability checks and valuation.
Your home is at risk if you don't keep up the payments of a mortgage or any other loan secured against it.
David Lossl The Really Useful Mortgage People Ltd
T 0845 170 20 20 M 07855 799 807
email.
http://www.usefulmortgages.co.uk/
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