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    Best First Time Buyer Mortgage?

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    Whats the best deals out there for first time buyers?

    Looking to get a mortgage for 110k give or take 20k. As a joint application we have sufficient salaries in order to keep up with the repayments, the problem is getting our hands on a deposit.

    We have enough for a 5% deposit at the moment, so the most important aspect of the mostgage must be as high a % of overall value of property as possible.

    I spoke to Bank of Scotland, and at the moment they are only offering 70% mortgages to first time buyers.

    Are there any 95% mortgages out there for first time buyers? If not, what are the best (if any) 90% deals?

    4 Comments

    jimmy, where are you based? at the start of the year my partner and i took out our first mortgage funnily enough of £110,000! my partner is with the royal bank and their rates were sky high, plus they only do a 90% mortgage, we went to bank of ireland who do a 95% mortgage (we were told by a mortgage advisor this was the only one on the market still to be doing 95%), and they said we needed a guarantor so my partners dad done that (5k left on his mortgage earning £35k a year) and we got knocked back. We then found out the clydesdale bank do a 95% mortgage for first time buyers, with a rate of 6.49% so went for them and it was sorted with money in sellers bank in less than 3 weeks, were told same night we had been accepted and never really had a problem (although with all lenders you do apparently have to keep foning to chase it up)!

    Hope this helps

    Original Poster Banned

    I'm located in Glasgow, thanks for the advice. So you reckon I should give Clydesdale a call?

    definately, we are in coatbridge and used the coatbridge branch, but there are clydesdale branches everywhere. only one thing they said to us to begin with was they roughly judge it by adding up your wages and then taking off your mortgage payment (think ours works out just under £700 a month) and you must have at least 40% of your wages left to pay bills etc to be accepted. plus there is only a £30 set up fee and they pay for the survey too! well worth checking out, just hope they are still doing it!!

    Original Poster Banned

    thanks, rep added, fingers crossed then!
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