FTB - 90% mortgage wanted on a £139950 house!

abbyfabulous

Hiya all, been doing some research into mortgages and Martin's guide suggests asking for advice on this board too so here goes:

• My husband and I are first time buyers
• Our combined income is approximately £51k a year - (I'm a junior doctor, hubby is a civil servant - both permanent jobs)
• The house we want is in south Wales and our offer of £139950 has been provisonally accepted (vendor now needs to make sure the offer he makes is accepted on the empty property he wants!) and so there is a very short chain and everything should go through quickly
• House is 3 bed semi, extended, dating to 1950's and was origninally on market for £159950!
• We are currently renting privately and have no children
• I am 26 years old, my husband 24 years
• Only other financial committments are £90 a month on a car finance which ends in January
• HSBC have given us a 'mortgage in principle' for 150k house before we found this one we want

I phoned london and county and they said there was nothing of 90% on the market!!! Am now waiting to hear back from mortgage monitor about what they can offer. I am also waiting for a financial advisor from a 'medical sickness' company to call me (it is income protection for myself if I become unwell)

So if anyone has any advice etc, please feel free. I appreciate I will not have as good a deal as if I had a larger deposit but by the time I saved up more the prices will probably have gone up (as I need another 21k apparently to get the best deals for 75% LTV) and we're so fed up of our little rented terrace house, we have definately outgrown it!

Thank you!

Peelerfart

Don't really know what you're asking for abby,you seem switched on and sorted to me .

Good luck, and I hope everything goes well with the house .

PF

abbyfabulous

Advice on where to look, who's offering best deals etc. Was bit shocked that london and county couldn't offer me anything, I know market is slow but was hoping I was a safe bet for lenders?? Maybe wishful thinking!

opinions4u

Build on what you're already doing by taking a look at www.moneysupermarket.com/mortgages and www.moneyfacts.co.uk.

There are 90% deals out there.

Alan_Cross

Am I the only one here who is mystified by the idea of a doctor + civil servant having a combined income of only £51k..?

Would that be the kind of doctor who only works one hour per week, then..?

mbynwa

Alan i was wondering the same, then i saw she was only 26 so thought she must be a trainee doctor, hencee the lower wage.

abbyfabulous

Yep junior doctor, just starting work

chrisaston

From what I have seen recently both RBS and Natwest have low/nil fees 90% FTB mortgages that would suit, both fixed for 5 years at 5.99%. This was from memory, so check online for yourself.

I have used L&C in the past although they are very good, they don't have access to all products.

Although the rate above is fairly high compared to some 60/70/85% mortgages, for a small mortgage like yours the no fees makes a big difference.

chrisaston

Can't add links for some reason, but it is def NW and RBS. Hope that helps.

AbbieCadabra

"...but by the time I saved up more the prices will probably have gone up..."


i wouldn't worry about prices going up any time soon...

good luck

barnaby-bear

abbyfabulous wrote: »

Hiya all, been doing some research into mortgages and Martin's guide suggests asking for advice on this board too so here goes:

• My husband and I are first time buyers
• Our combined income is approximately £51k a year - (I'm a junior doctor, hubby is a civil servant - both permanent jobs)
• The house we want is in south Wales and our offer of £139950 has been provisonally accepted (vendor now needs to make sure the offer he makes is accepted on the empty property he wants!) and so there is a very short chain and everything should go through quickly
• House is 3 bed semi, extended, dating to 1950's and was origninally on market for £159950!
• We are currently renting privately and have no children
• I am 26 years old, my husband 24 years
• Only other financial committments are £90 a month on a car finance which ends in January
• HSBC have given us a 'mortgage in principle' for 150k house before we found this one we want

I phoned london and county and they said there was nothing of 90% on the market!!! Am now waiting to hear back from mortgage monitor about what they can offer. I am also waiting for a financial advisor from a 'medical sickness' company to call me (it is income protection for myself if I become unwell)

So if anyone has any advice etc, please feel free. I appreciate I will not have as good a deal as if I had a larger deposit but by the time I saved up more the prices will probably have gone up (as I need another 21k apparently to get the best deals for 75% LTV) and we're so fed up of our little rented terrace house, we have definately outgrown it!

Thank you!

Certainly used to be a lot of tucked away niche products - not well advertised and usually direct with banks rather than via brokers.... basically a jnr doctor can count on doubling their salary much faster and with more certainty than most so they like to catch them young so their good business comes their way as they move up the ladder
http://www.scottishwidows.co.uk/bank/mortgages/prof_intro.html
http://www.bristol-west.co.uk/more/professional/questionsAnswered/MoreProfessionalQuestionsAnswered.aspx
http://www.buyyourhomeuk.co.uk/professional-mortgage.php
Seem less on the web and no idea of deals but there may well be a specialist broker....