95% Mortgages – More Local 95% Mortgages April 2010
More 95% Mortgages From Local Lenders
Following on from the previous post looking for regional 95% mortgages here are some more examples. First off is the Ipswich Building Society who are offering a 95% LTV mortgage to existing mortgage holders, or those who have a savings account with them for 6 or more months -
Ipswich Building Society
Standard Variable Rate – Existing Customers
5.49% following the lenders standard variable rate
Arrangement Fee – Not Detailed
Early Redemption Fee – None
Overall Cost Comparison – 5.6% APR
Bath Building Society
Lifetime SVR + 0.36% Three Year Tie-in
5.46% following the lenders standard variable rate
Arrangement Fee – 0.5% of advance – minimum £599
Overall Cost Comparison – 5.8% APR
This mortgage deal is based on the lenders Parental Assisted Mortgage scheme where the lender takes a collateral charge on the parents property as long as their existing mortgage and the charge does not exceed 70% of the value of their property.
The property cannot have more than 4 bedrooms but the society will consider income from renting a room when making their calculations.
This is quite an interesting deal and is quite flexible in its lending criteria seeing the benefit of renting out part of the property to support the purchase. We need to see more 95% mortgages like this.
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