lenient lenders

drdaz123

this might be a long shot in the current market, but does anyone know if there are lenders who will offer 85% or more LTV mortgage whos credit scoring system might be described as 'lenient'.

we dont have any bad credit, just the number of searches is hampering our efforts to obtain £85,000. which stinks imho as we earn approx 47,000pa have good credit histories et al.

bloody banks:mad:

drdaz123

Barnetbear

Are you confident that property prices are unlikely to fall or past caring and just want a home? Looking to Eire and other places, I wonder if the same will happen here, something like 50% drops so far in some places.

justjohn

Use a independent broker....he will sort it and have a better idea of were to apply

Ankatden

drdaz123 wrote: »

this might be a long shot in the current market, but does anyone know if there are lenders who will offer 85% or more LTV mortgage whos credit scoring system might be described as 'lenient'.

we dont have any bad credit, just the number of searches is hampering our efforts to obtain £85,000. which stinks imho as we earn approx 47,000pa have good credit histories et al.

bloody banks:mad:

drdaz123

Have you spoken to your current bank ?

They have all your history and see what you have signed up to.

drdaz123

our current lender has just declined us, citing the amount of searches as the reason, is there anyone at the bank i can speak to to try and explain the situation?

justjohn

drdaz123 wrote: »

our current lender has just declined us, citing the amount of searches as the reason, is there anyone at the bank i can speak to to try and explain the situation?

Anytime i have tried to get anything out of my own bank(RBS) they were nothing but a pain. They are often tied up by red tape.

The only way to get my bank(possibly yours) to be flexable regarding a mortgage is if it can be refered to an underwriter.

However i have had the pleasure/misfortune of negotiating with an underwriter and i would not do it again.

Use a broker or as a last resort hassle your bank/underwriter(if it gets that far)

Can you not get the ltv down to 75%....there are more deals at that ltv...Just cut corners and save??

poppysarah

drdaz123 wrote: »

. which stinks imho as we earn approx 47,000pa have good credit histories et al.

bloody banks:mad:

drdaz123

You've got 15k saved when you earn that much - save for another year and you'll save yourself a fortune in interest on your mortgage over the years.

westv

Why a lot of searches on your credit file? In the age of the internet is there really any need to go as far as having a search done until you are (as far as possible) 100% sure the mortgage is right for you?

drdaz123

poppysarah wrote: »

You've got 15k saved when you earn that much - save for another year and you'll save yourself a fortune in interest on your mortgage over the years.

we need an extra room for new baby!!
15k will come from sale of current home

Trollfever

Affordability.

We have proposed tough new standards for responsible lending that will affect mortgage applications and provide extra protection for vulnerable consumers.

http://www.fsa.gov.uk/pages/consumerinformation/product_news/mortgages/responsible_lending/index.shtml

drdaz123

westv wrote: »

Why a lot of searches on your credit file? In the age of the internet is there really any need to go as far as having a search done until you are (as far as possible) 100% sure the mortgage is right for you?

we originally planned to remortgage on btl, this was ok'd in principle by the bank but declined due to risk at the application.
we shopped around for the same thing, unsuccessfully. then decided to just go with moving (conventionally, this time). application declined!