Any mortgage brokers?

[MoonPig]

Quick question, looking at a 95% LTV mortgage and therefore expect a high interest rate in the current climate. I have been offered 5.99% fixed for 3 years with no arrangement fee reducing to 4.99% after. How does this compare with other 95%LTV mortgage rates available at the moment.

I know 5.99% is high considering how much lower it would be with a bigger deposit but looking at buying whilst keeping the current house as an investment. Changing to a buy to let mortgage in the current house so if we are to keep this house I can only manage 5 % deposit at the moment.

 

[Scottjd1]

To be honest most 95% deals are not available via brokers, the lenders like to keep them direct only so they can keep control of the funding.

Its comparable to 90% deals so if its correct its priced well, just check the 95% lender are happy for you to keep and rent your current property, many lenders now do not like this.

Good luck.

 

[MoonPig]

To be honest most 95% deals are not available via brokers, the lenders like to keep them direct only so they can keep control of the funding.

Its comparable to 90% deals so if its correct its priced well, just check the 95% lender are happy for you to keep and rent your current property, many lenders now do not like this.

Good luck.

Thanks, our current house is in my wifes name and the new one will be in my name. Two different lenders and I have told the lender for the 95% mortgage our intentions with regards to my wifes mortgage switch and they didn`t seem concerned.

 

[Scottjd1]

Thanks, our current house is in my wifes name and the new one will be in my name. Two different lenders and I have told the lender for the 95% mortgage our intentions with regards to my wifes mortgage switch and they didn`t seem concerned.

Makes sense. if different names then they wouldnt generally be interested. As long as they know you are living in the new one then all good.