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Old 25 Jun 20, 01:30 PM  
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#13
MrsG26
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Join Date: Jul 08
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I am an independent whole of market mortgage broker, my advice in this current climate is to speak to someone before you put any offers in on a property. With the current situation as it stands you are needing at least a 10% deposit and even then there are far fewer lenders offering products at this LTV. Mortgage products with only a 5% deposit have disappeared from the market , and lenders are being extra cautious incase there are down valuations. Lenders just don’t want to risk lending at that higher LTV.

Up in Scotland our first time buyers can take advantage of the First home fund where they can get up to £25k from the government to put down as a deposit towards the purchase, and that is the route that most are taking currently as it’s nigh on impossible to get a mortgage without a minimum of 10% . There are a few lenders; just not the level of products and lenders we had before the pandemic and the rates are now as high as what the 95% loan to value products were previously.

Good luck with the viewings but please speak to a qualified adviser before you take the next steps. We are trained to know all of the market, the niches. Lender criteria and of course access to exclusive products that you may not get going direct.

Good luck ☺️
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2008: Texas, Las Vegas, Gran Canaria. 2009: Krakow, Orlando (wedding), Texas.
Dec 09/10: Xmas & New Year in Australia. 2010: La Croix Du Vieux Pont, Paris. 2011: Barbados, Duinrell & La Croix Du Vieux Pont 2012: Bella Italia, Lake Garda 2013: Tenerife 2014: Dubai, Benidorm 2015: New York , Orlando 2016: Tenerife, DLP 2017: Tenerife, Olu Deniz, Benalmadena 2018: Berlin, Tenerife, Dubai
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