# 95% mortgage best around? Previous peoples stories etc



## mitchellinman (Jan 19, 2006)

As from my other thread we have had our offer on a property accepted and are now looking for our mortgage.

We have spoken to a few financial advisors about the help to buy scheme and straight forward 95% ltv but feel they tend to push there chosen product (commission? As they are a no fee to ourselves advisor)

Has anyone had any recent dealing with a similar mortgage and have info good and bad or can give me good rate info about one?
I know the rate is going to be high but needs must as we have only 5% deposit and the rest we want to keep for the fees and a cushion incase anything crops up with the house.
Many thanks.


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## Guitarjon (Jul 13, 2012)

The only issue I have with most 95% mortgaguges is that they tend to only apply to new houses. Although I may be wrong now as things might have changed. We got our mortgage around 4 years ago and this was the case then. 

At the time we were earning enough to afford a house way more expensive than what we have now. However, they wanted 20%. Looking back I'm glad we bought a cheaper house with a bigger mortgage. We pay less than we were renting, it's ours and I've had some financial difficulty in the last few years being made redundant then jacking my job in do go self employed. I'm in my second month now and things haven't been easy, especially with winter upon us. 

If your living at home, and let's face it, paying next to nothing rents/food/bills wise then I'd save a bit longer. All I'm trying to say is you never know what's coming around the corner. I'd been in my previous job 3 years and getting along great when I got made redundant. 

We looked at new houses. While many will like them I found for the price we wanted to pay (less than 140k) we would have got something tiny in the middle of a bad estate- they seem to do this a lot with new builds. Buy land cheap. Paying 5% deposit would have left the monthly mortgage more than double what we pay now. As I say, we didn't know our finances would take a hit and luckily while I get myself sorted and earning sufficient funds the wife is stumping up most of the bills.


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## Bero (Mar 9, 2008)

Use money supermarket and approach the best lender direct?

I don't bother with a financial advisor now, although I did with my 1st property 9 years ago. Was my 1st property and to my knowledge there was no money supermarket like sites.

My 1st flat was 95%. I had just been working for a year in my 1st job and had plenty cash coming but no significant savings yet. It worked fine, and would be happy to do it again (and it was not a new house).


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## Alfieharley1 (Jun 8, 2014)

Okay I think there is pros and cons with the 95% scheme as in after a certain period of time the 20% accrudes interest. So the best option is to pay the mortgage and put money aside. Easier said then done.

Id say look and go to places like nationwide which are good however they are a bugger to get a mortgage with. The abbey / Santander are easier


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