THIS MORTGAGE GIVES THE ABILITY TO BUY A HOUSE WITH JUST A 5% DEPOSIT.
The Principality Building Society has launched a 95% mortgage to join a small band of lenders at this high loan to value.
The major benefits to this mortgage product are :
1) Competitive interest rate of 4.99% (apr 5.1%)
2) Only a 5% deposit is required
3) Open to first time buyers and homemovers
4) No product fee
5) Low booking fee of £99
My concerns about the scheme are that you are committed to the product until 28/02/2018. Should your circumstances change and you cannot port the product to another property you will have to pay a penalty of 5% of the outstanding mortgage.
Lending is restricted to Wales and postcode areas SY,HR,CH1,CH2,CH3 and CH4
Monmouthshire have launched a a new 95% mortgage at a lower rate of 3.75% for three years (4.80% apr). Then 4.99% variable.
There are a few other lenders offering 95% mortgages.
Clydesdale Bank, Leeds Building Society, Melton Mowbray Building Society, Monmouthshire Building Society, Newcastle Building Society and Nationwide (via their Save to Buy Scheme)
Note. All mortgages are subject to a full lenders underwrite and assessment.
Why use Neil Soundy Financial Services for your mortgage advice.
We are different.
We offer at least twice the choice of mortgages compared to a standard broker.
View the video on our homepage that explains how mortgage advice has changed.
We will give you independent impartial advice on every lender every mortgage.
Contact us today for a free no obligation initial discussion or meeting
Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
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