Looking for a good 85% LTV deal??

MissMessy_2

For those who have read my previous posts, will know that ths is very very exciting time for me.... we have just agreed tomeet the sellers price on the house we were looking at and I am waiting to speak to my adviser, however in the mean time I wonder if any mortgage savvy peeps would like t advise

:j

Purchase price- £200,000
Deposit- £30,000
We have the £2000 stamp
We have £1000 set aside for legals


We do have a credit card bill £2500 on 0% that I can use final part of savings to pay off £1600 and could muster up another £500 this month reducing it to £400


Have no other debts at all, have a £6000 car paid for outrigh and £3000 motorbike

Never been refused credit etc


Just started looking for mortgages, hubby on £45k plus o/t @ approx 3k a year, I am a SHM


We would like a mortgage that we can ovepay on and it will be 85% LTV. Notsure whether to go tracker or fixed. If fixed we will only want 2 years...


Any recommendations

[Deleted User]

Can't advice on the mortgage, although I would say you're looking to borrow just under 4 times salary which is not always easy find. Best to speak to a broker.

However, personally I would advise against a 2 year fix - you'll overpay until rates have risen a fair bit, which may not happen any time soon. A 5 year fix would probably offer better value, or a tracker for the time being. But just an opinion.

MissMessy_2

cheers for the advice, I dont forsee any problems with the salaary side of things as we were offered a mortgage 6 months ago for £290k with 60k deposit... but obviously we will investigate. I know most companies take into cosideration your OT and will incl something like 50% of it. I believ last year he had over 4k in OT sothat will bring it up to 47k which is 18k over the 4 x



Cant do 5 year fixed must be 2, but worth consideringtracker i guess

[Deleted User]

Fair enough. Good luck with it. But I would advise you move quickly. Does the seller know you don't have a mortgage in place? You don't want him getting nervy and putting the house back on the market. Best to act now and get something in place.

So that's planned the rest of your afternoon for you!

Thrugelmir

MissMessy wrote: »

I dont forsee any problems with the salaary side of things as we were offered a mortgage 6 months ago for £290k with 60k deposit...

Mortgage market has changed considerably in that time frame. The FSA issued guidelines at the end of June to lenders. Although not mandatory have resulted in tightening of lending criteria.

Whether you call it a mortgage famine or rationing. There's an overall squeeze on the amounts financial institutions have to lend.

So irrespective of you being a good risk or not. Lenders can spread their risk by lending less to more applicants.

MissMessy_2

Again really appreciate the advice, we have spoken with two independant advisors and both have reeled off a list of lenders that they have said would be happy to lend to us.

The second advisor said nearly all of his clients currently are between 4 - 4.5 times salary, we are 3.86 so we should be ok, obviously you dont know until you apply

MissMessy_2

Still interested to know of any particularly good mortgage deals or particularly good lenders (ones that do not take forever to do survery etc)

fraser

have you looked at the FSA mortgage comparison tables?

http://www.moneymadeclear.org.uk/tables/

dimbo61

Have a look at YBS as they have some good fixed rate deals at 85%LTV and they also have offset mortgages which allow unlimited offset/overpaying

fraser

i was told by a YBS manager that the fastest new purchase application they did was 33 days, not sure if that is particularily quick but sounds pretty good

MissMessy_2

Post office seems to offer the best deal 3.94% fixed for 2 years and we would be able to make penalty free o/p....

What are they like for approving and speed?