help

[brucie1996]

My friends daughter has been house hunting they looked at a few old ones then decided to go for a brand new one. The moving date is in 3 weeks(that is when she has to be out of the rented property she is in now) After chasing up the survey again they have been told 80% is the most you can borrow on a new house!!!. The woamn they have been dealing with has never uttered a word about this & she is on holiday for 2 weeks. To say every one is upset is an understatement .Is the 80% max a bog standard thing?

[CheekyChops]

a lot of lenders are aking for a 25% deposit on new builds these days although you may find one that will aceept less.

[brucie1996]

many thanks pity the halifax did not tell them this

[bednobs]

did they give her an offer in principle?

[chrisemmott]

Most lenders at the moment are being very selective on who they lend to and how much they lend.

Most high street lenders are currently capping their loan to values (difference between mortgage amount and value of property) at 80-85%.

There are however a few that will lend more than that, however as it constitutes a higher risk to the lender, the rates will be slightly higher than those of other lenders.

I recommend that you contact an independant mortgage broker who will be able to research the whole of the market for you, as you may struggle with the high street lenders.

As far as the time scales are concerned, I think that 3 weeks is pretty much near on impossible, and your friend may have to make soem alternative living arrangements for the time being.

Good luck

[brucie1996]

Everything sorted with the Yorkshire bank 90% offered took just over 1 week tosort out