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by cjrp 1679 days ago
What was the loan to value though?
1 comments

100%
Wait.. they loaned 100% of the property value to someone with not much of a credit history?
Yes, a few banks now offer 95-100% LTV mortgages for first time buyers.

In our case, the bank required a savings account containing a 10% deposit in the name of a family member, which is returned to them with interest after 3 years (unless you fall into arrears). ~50% of that money was our own savings and the rest was from parents savings, which allowed us to get on the property ladder with ~1yr less saving and no cost to our families after the 3yr period.