Latest News 21st January 2007YES! The 15% gifted deposit mortgage returns
Since late August 2007 the lenders accepting the 15% gifted deposits had disappeared. The future is still bleak for new build properties with no sign of any gifted deposit mortgages on the horizon, but for those investors buying older properties this is good news.
So long as the property is not new build, and is at least 12 months old, we have a lender who will accept a vendor 15% gifted deposit with no contribution required from the investor. So for those of you purchasing discounted properties, distress sales, pre and post auction bargains and discounted portfolios of properties, this is for you.
You do not need to bother with Bridging loans and the associated costs, nor do you have to get involved with assignable contracts, the contract can be a standard contract of sale.
The interest rates start at 5.39% fixed at 80% loan to value and 5.99% fixed at 85% loan to value. Rental is calculated at 125% of pay rate (mortgage cost per month). Whilst 125% of the mortgage interest rate would not be workable for most new build properties, it usually does not present a problem on older properties. For further details contact Steve Croxton on 08000 83 63 43