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    • Cattail
    • By Cattail 15th Sep 17, 6:08 PM
    • 11Posts
    • 1Thanks
    Cattail
    95% Mortgage advice needed
    • #1
    • 15th Sep 17, 6:08 PM
    95% Mortgage advice needed 15th Sep 17 at 6:08 PM
    Hi everyone
    I'm using a broker who gave me an AIP for £135K
    this was based on 5% deposit
    House purchase £140K
    Now he has started to look at mortgage products for me, he is finding they won't lend that amount.
    Max loan is around £131K
    My finances are:
    Gross salary £36,900
    Credit card £3300 (paid off at £100 pm)
    Car £202 p.month
    I have no financial dependants
    my credit rating according to exprian/call credit etc is 800 excellent
    I've done the affordability calculators etc and I have plenty of disposable income after my outgoings.
    Question is
    Does anyone know of lenders who a bit more generous with 95% mortgages please?
Page 1
    • kingstreet
    • By kingstreet 15th Sep 17, 7:25 PM
    • 32,227 Posts
    • 17,258 Thanks
    kingstreet
    • #2
    • 15th Sep 17, 7:25 PM
    • #2
    • 15th Sep 17, 7:25 PM
    Can't you look to reduce the card debt a little on or before completion if the current balance is leaving you just £2k short?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Cattail
    • By Cattail 15th Sep 17, 7:53 PM
    • 11 Posts
    • 1 Thanks
    Cattail
    • #3
    • 15th Sep 17, 7:53 PM
    • #3
    • 15th Sep 17, 7:53 PM
    Thank you for your advice, i agree.
    I can do that, or I could increase my deposit to £8200.
    Not sure which would be most benefical in eyes of a lender.
    Seems like a dark art from my limited experience. ..
    • Lilla D
    • By Lilla D 17th Sep 17, 12:17 AM
    • 316 Posts
    • 161 Thanks
    Lilla D
    • #4
    • 17th Sep 17, 12:17 AM
    • #4
    • 17th Sep 17, 12:17 AM
    Reducing debt is normally better in the eyes of lenders and you'll find that by reducing debt, you can get more mortgage than what was used for the reduction.

    On a separate note, a score of 800 on Experian is not that great, so it would indicate late/missed payments or other issues, even if historic. Not that the score itself is used by lenders, but if a client told me that they had a score of 800, I'd ask some questions and probably would also ask for their credit files. Credit history assessment is as strict as it comes when borrowing 95%, so best to clear up this aspect first.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Cattail
    • By Cattail 17th Sep 17, 8:43 AM
    • 11 Posts
    • 1 Thanks
    Cattail
    • #5
    • 17th Sep 17, 8:43 AM
    • #5
    • 17th Sep 17, 8:43 AM
    Thanks for your suggestions and I will have another chat to the broker.
    He has seen a full copy of my credit report and gone over it. I have no missed payments and nothing negative on my credit file.
    • csgohan4
    • By csgohan4 17th Sep 17, 9:20 AM
    • 3,961 Posts
    • 2,470 Thanks
    csgohan4
    • #6
    • 17th Sep 17, 9:20 AM
    • #6
    • 17th Sep 17, 9:20 AM
    how many copies have you seen? Equifax, call credit, noodle e.t.c
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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