There are various lenders offering 95% mortgages. Most will only lend at this loan to value by taking additional security with a charge on a parents property. The following lenders operate on this basis Principality, Aldermore and National Counties.
My preference at the moment is the Monmouthshire Building Society as they offer lending at 95% with no additional parental guarantees. It is available to first time buyers and home movers with a maximum borrowing of £175,000.
As with all Monmouthshire BS mortgage products they only want to lend locally in the following postcodes, NP,CF, SA,LD, WR, GL,HR and BS.
Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
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How Much Will It Cost Me For Your Advice?
A fee of £495 is payable on completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender for arranging the mortgage.
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
The Financial Conduct Authority does not regulate some forms of buy-to-lets.
We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.
Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.