Any 90% LTV mortgages at over £500k?

hoggums

I've spotted a cunning flaw in your plan - and it's this...

I currently live in a large flat, bought for £380k with a 100% mortgage 3 years ago (probably c.£30k of equity in it now).

Are you sure about that...?

chadfield

As sure as you can be about this stuff! Identical flat sold for £490k about 9 months after I bought, so my £30k takes account of a subsequent dip (and is also lower than two recent valuations received from EAs)...

HerbiesSJP-I was talking about a lender charging a fee. Do you think it is worth me seeing another broker or do you think 90% LTV is a dead end?

herbiesjp

Definitely worth a second opinion

A lender will almost certainly be charging a fee of some sort - be it a booking or arrangement fee

rammster

try first direct as well

mustang1

I don't think it is worth seeing another broker and paying any fee - I think you will get the same answer. You have seen a whole of market broker who has done everything he can. There are banks (HSBC. First Direct, ING) who don't go through brokers but I don't think any of them are offering 90% LTV at the moment.

It's probably worth holding on a bit longer - when I was getting my mortgage 3 months ago there were no deals with a 10% deposit at all but now some better deals are coming out so hopefully for you the market will become a little bit more competitive.

You've probably already tried this but who's your existing lender - would they be willing to make a further advance?

chadfield

cheers for the response, v helpful. Existing mortgage is with Standard Life who dont seem to do any mortgages for £500k+. I think your suggestion is right, hopefully criteria and thresholds will relax further before next summer!

rammster

dont take opinions make sure you go direct to these lenders and know it for a fact. I got 90% LTV 6 months ago when 85% was unheard of and you would really be talking 80% LTV for anything and everything. This then is a better day. Enjoy the holistic view that you are getting but make sure you do your own ringing and chasing before you write off anything out there.

getmore4less

chadfield wrote: »

After tax, existing mortgage, childcare and repayment of an existing loan our net leftover cash is c.£60k.

Net after tax should be £10k pm

That makes mortgage, childcare and loan about £5kpm

Don't forget that you will have paid off around £25k of the existing £380k loan in the 3 years and £9k more in another year.