Can anyone help us with finding a mortgage?

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A question by Dayna :  

Hi, Me and my boyfriend are looking for our first house together, we have an income of 33k between us. but only have a small deposit. Does anyone know where we can get a 95% mortgage from?



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the unfortunate answer im afraid is nowhere, due to the credit crunch there are no lenders offering 95% mortgages unless you are a current borrower. the lowest is 90% which both Abbey & Nationwide both have available. It’s best to contact mortgage brokers etc. direct to see how maximum you can borrow, people are saying no you won’t be able, but how do they know or you if never try in the first place.


“I am a independent financial adviser in the UK who advises on mortgages. At the moment there are no lenders providing 95% mortgages to first time buyers. The minimum deposit is currently 10%.

The other option is to look at shared ownership where you buy a share of the property with the rest being owned by a Housing Association. You pay a mortgage on your part and a rent (usually low) on the other part. Your deposit needs to be at least 10% but only of your part, eg, you buy 50% of £200,000 house, your deposit is 10% of £100,000 = £10,000. At a later point you can then buy more or all of the property.”


Don’t let anyone discourage you from applying for a mortgage. There are many programs you could qualify. FHA loans only require a 3.5% down payment, and even that can be a gift from family. USDA loans may even be a better program for you. They are for low-moderate income families and have a 0 down payment requirement. There is no mortgage insurance, and you can even finance closing costs, appliances or repairs if the appraised value is high enough over the purchase price. USDA loans to do have income a property requirement – it must be in a rural or semi-rural area. But the USDA eligibility maps haven’t been updated in ages, so you’d be surprised at what areas are actually considered rural.

You can find out more here at their website

Most lenders that do FHA loans, do USDA loans as well. So, just ask around in your area for a recommendation from a friend, or call a couple of banks or mortgage lenders. Most do these types of loans.”

David Lin, Professeur

” For our first home we hardly put down anything. Like $5000. And most of that was gift money. Look for someone who can give you an FHA loan, which is a first-time home buyer loan. And don’t forget there is a great tax credit for first time home buyers right now! Great time to be buying your first home! PS … FHA loans quoted by some respondents do not apply in UK”


“Your best bet is to contact mortgage brokers either online or phone. They have access to a greater range of loans which may suit you. Let the broker do the legwork, that’s what they are good at. Choose a high street name if you get the choice as there are still crooks out there..”


“Unlikely at the moment ,,, You could be lucky but 10% deposit is probably the lowest you will get away with .. Means saving hard for another couple of years possibly.”


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