New 95% mortgage available to first time buyers!

Published ¤ 21/05/2009

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First time buyers now have access to a 95% mortgage with the help of security over parents savings.

In order to qualify for the new 3 year fixed rate mortgage, the borrower must be able to put down at least 5% of the purchase price as deposit. The parents must then have a further 20% in savings that they are happy to tie up at 3.5% for 42 months.
The scheme allows access to mortgage rates normally only availabe to those with 25% depoits or more.
The parents will continue to receive interest on their savings for 42 months, after which, as long as the value of the mortgage is below 90% LTV, the security on the savings can be removed.
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