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Any 90% LTV mortgages at over £500k?
Comments
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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...?0 -
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?0 -
Definitely worth a second opinion
A lender will almost certainly be charging a fee of some sort - be it a booking or arrangement feeI am a Mortgage AdviserYou 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.0 -
try first direct as wellInside I am THINKING.0
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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?0 -
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!0
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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.Inside I am THINKING.0
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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.0
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