First time buyer mortgage issues. please help?

emsmojo

I am looking for some help or advice with regards to getting a firsttime buyer mortgage. My situation is that I am a first time buyer with a credit score of 999 with experian and have an income 25200.00 a year. The property I have made an offer on is 77,000 and I have 10% deposit. I have been told by 3 banks that in principle they will lend me up to 107,000 but then when I have applied with 2 of these lenders they have advised they will only do an 85% LTV mortgage for me even though they are openly advertising 90% mortgages for first time buyers. I am starting to feel really deflated about this situation and was wondering if anyone can tell me if they have had a similar problem or direct me to any lenders who actually DO the 90% LTV mortgages they advertise? Any help would be so much appreciated, thank you in advance.

somethingcorporate

emsmojo wrote: »

I have been told by 3 banks that in principle they will borrow me up to 107,000

They will what?? :eek:

beecher2

I'd advise going to see a mortgage adviser and they should be able to help.

herbiesjp

Making multiple credit searches could be harming your credit file, and making future applications harder, by lowering a score you could get with a lender that will actually agree the mortgage for you.

It sounds like something is not being taken into account at AIP stage, which then is limiting you to 85%LTV.

As stated above, you are better off going to a whole of market adviser and seeing what they can find for you, as at present you are approaching the wrong lenders for your situation it would appear.

emsmojo

Thank you that is probably the best option.

emsmojo

Thank you , I will book an appointment, it just seems so unfair that they are offering these 90% mortgages but in fact dont seem to be giving them to anyone.. I ahve no other debts and a perfect credit score so If i cant get one agreed I dont know who can really.