Help for next time buyers...?

[amy owen]

I am in a situation where I bought a property at the peak of the property price boom in 2006 and after the market rose and then dropped again, my home is now worth approximately the same as when I bought it. I took out a 95% mortgage at the time and with what I've paid off I now own approximately 10% of the property only. There are many government incentives available for first time buyers to help them get on the property market, but does anyone know if there's any help available for those already stuck on it who cannot move up?? I cannot save the amounts I used to when living at home with the parents, and to get a mortgage you need at least 10%. Please help! I need advice!

[Adam Long]

Of course there are ways to assist you, although banks will not lend you on a house with less than 10% deposit there are more and more houses being sold with vendor finance in place. What area are you looking to buy in as I work with people all over the country who offer this service ?

[UK Mortgage Broker]

Some lenders except a gifted deposit, but typically 5% maximum and usually only builder gifted deposits. You maybe able get a Guarantor for the mortgage to 95% Loan To Value. Or, depending on the lender you maybe able to higher LTV. Halifax has a product for existing customers and I think is its at 110%.

[Dan S]

Hi Amy

Unfortunately you wont be eligable for most of the government backed schemes as you dont qualify as a first time buyer anymore.

However, if you can afford the high interest rates, there are one or two lenders willing to give completely normal, scheme-free, mortgages at 95% LTV. I believe you'd be looking at paying a whopping 7% or so in interest though.

You say you actually own 10% in equity anyway, so you're not looking too bad. The number of 90%LTV mortgage products has gone up considerably since the peak of the recession.

Dan