Hunting For a Regional 95% Mortgage

On the hunt around for the elusive 95% mortgage i’ve uncovered some interesting regional deals.  As with 100% mortgages it is a good idea to try local first and see what the regional building society has to offer, as these lenders seem to be the most inovative at the moment.  Here are a couple of examples -

The Nottingham

Fixed Rate – First Time Buyer

6.39% until 1st April 2013 – then standard variable rate currently at 6.14%

Arrangement Fee – £295

Overall Cost Comparison – 6.6% APR

Fixed Rate – First Time Buyer

6.39% until 1st April 2015 – then standard variable rate currently at 6.14%

Arrangement Fee – £295

Overall Cost Comparison – 6.7% APR

Derbyshire Building Society

Fixed Rate – Existing Customers

7.59% until 30th April 2012 – then standard variable rate currently at 3.99%

Arrangement Fee – £199

Overall Cost Comparison – 4.8% APR

Fixed Rate – Existing Customers

8.59% until 30th April 2013 – then standard variable rate currently at 3.99%

Arrangement Fee – £199

Overall Cost – 5.5% APR

Tracker Rate – Existing Customers

6.69% (6.19% above base rate) until 30th April 2012 – then 4.24% above base rate

Arrangement Fee – £199

Overall Cost – 5.3% APR

As you can see not all lenders are going to offer 95% mortgage deals to first time buyers, the Derbyshire deals are aimed at existing homeowners.  A proportion of other societies are offering this LTV tied with a guarantor based arrangement.

Related posts:

1. 90% Mortgages – C&G Offer Selection Of 90% Mortgages April 2010
2. Nationwide announces 3 new mortgage deals
3. 95% mortgage deals in Jan 2010
4. 100 Percent Mortgages 2010 – Society Offers 100 Percent Mortgages
5. First Direct – First Time Buyers 3.99% Tracker