Do you dream of owing a home or property, but don’t have the money necessary to put down the appropriate down payment?
Many find themselves in this situation. You don’t have to give up your dream thanks to 95 percent mortgages. Many lenders do not offer this type of loan as they feel the risk to them is just too high.
Some do though and you should be sure to check them out. Be aware that you may be asked to offer additional properties as security if you choose this option. By doing so, you can have the home of your dreams in just a short period of time.
Here are a few lenders you should consider using when looking for 95 percent mortgages. RBS-This company offers a variety of 95 percent mortgages for you to choose from.
One you may wish to consider is the two year, 5.79% fixed LTV (loan to value), 100% Ex/B Direct loan which is offered to existing borrowers only. This fixed rate mortgage comes with an initial APR of 5.79% and the final rate is 4%. The APR works out to 4.4% with a maximum of 100% maximum high loan to value.
Getting 95% mortgage?
NatWest is another company who deals in 95 percent mortgages. As with RBS, these loans are offered only to those with an existing loan. One such mortgage they are currently offering is one with the same rates as RBS. Be sure to view the details of each so you are familiar with all of the terms and conditions as one company’s may be more favorable to you than the other.
Ulster Bank offers a five year .21% discount FTB with LTV of 95% mortgages for first time buyers only. This discounted rate mortgage comes with an initial APR of 3.79% with a final rate and APR of 4%.
Lloyds TSB offers a wide variety of 95 percent mortgages. Some are for first time buyers, others for existing customers. When comparing loans offered by this company, you need to read the details very carefully to ensure you will qualify. This will allow you to get the right loan the first time around so you don’t encounter delays which may lead you to missing out on your dream home. If you have arrears mortgages are far more difficult.