Quick Q with bit of background.
Family split meant both parties moving out of family home, home rented with consent to let from mortgage provider, House it rented to family member who wants to buy the property but isnt in position to do so for 18 months, they have a long term investment that would be the deposit on the house that matures next August.
Value of house 150k about 80 outstanding on mortgage.
The plan was to wait until the person whos renting the house bought it and buy a smaller property for say 90k, thus having no mortgage on new property. However, a property is coming up for sale in the ideal street for me (close to parents,schools etc. Last time a house went up for sale there was 17 years ago so its not likely another will come up soon).
However, as it wasnt the plan to buy yet can only raise a 5% deposit plus legal fees, moving fees etc etc as only recently started to save for any future house purchase. Current lender on rented property have said lowest they can do is 10% and the amount on offer would cover what is needed for new property.
SO... are there any 95% LTV's still about? And is so whats the 'typical' APR?
Have looked about but some sites say certian lenders do offer then others say its for existing customers only. I expect the other 5% could be raised by asking family members but thats not an ideal way to raise a deposit IMO
Thanks
Family split meant both parties moving out of family home, home rented with consent to let from mortgage provider, House it rented to family member who wants to buy the property but isnt in position to do so for 18 months, they have a long term investment that would be the deposit on the house that matures next August.
Value of house 150k about 80 outstanding on mortgage.
The plan was to wait until the person whos renting the house bought it and buy a smaller property for say 90k, thus having no mortgage on new property. However, a property is coming up for sale in the ideal street for me (close to parents,schools etc. Last time a house went up for sale there was 17 years ago so its not likely another will come up soon).
However, as it wasnt the plan to buy yet can only raise a 5% deposit plus legal fees, moving fees etc etc as only recently started to save for any future house purchase. Current lender on rented property have said lowest they can do is 10% and the amount on offer would cover what is needed for new property.
SO... are there any 95% LTV's still about? And is so whats the 'typical' APR?
Have looked about but some sites say certian lenders do offer then others say its for existing customers only. I expect the other 5% could be raised by asking family members but thats not an ideal way to raise a deposit IMO
Thanks
