When buying a property in Britain you most certainly need to put down a deposit of some sorts as mortgage lenders do not offer 100% mortgages anymore. The level of deposit needed can vary from lender to lender with ancestral visa mortgages as each lender has criteria which must be met.
It is technically possible to put down a 5% deposit and there are a number of ways to achieve this but it is all down to fitting criteria and perhaps to use first time buyer schemes to achieve this – Let me worry about this initially whilst i get to know your circumstances.
One of the main issues with getting a mortgage is proving deposit. Lenders like to see your British bank or savings account not only showing your deposit but also that it built up over a period of time. Not all ancestral visa holders have saved enough whilst in the UK and need to transfer the deposit from overseas. If this is the case it is up to me to ensure that the lender accepts where your deposit originates from even if some of the deposit was gifted.
Certainly the larger the deposit the more options you have!
The main levels of deposits needed with ancestral visa mortgage lenders is:
- 5% Deposit which equates to 95% LTV (Loan to Value)
- 10% Deposit which equates to 90% LTV
- 15% Deposit which equates to 85% LTV
- 20% Deposit which equates to 80% LTV
- 25% Deposit which equates to 75% LTV
- 40% Deposit which equates to 60% LTV
Always make sure that you have enough funds for your deposit, associated fees and moving costs.
There are also some deposit schemes available which can help you get on the property ladder.