Mortgage advice needed please!

fayp

We currently owe £175k on our current property which we are trying to sell at the moment for £200k. We are looking at purchasing a property for £230k (are you keeping up! :rotfl:) so theoretically we will have a 10% deposit for the house we want.
Is there any genuine 90% mortgages out there at the moment that don't make you jump through millions of hoops? I see that the post office and nationwide offer 90% mortgages but don't want to apply only to be turned down.
When we spoke to a mortgage advisor he told us we would need at least a 20 or 25% deposit which we simply haven't got.

So we are very confused.

Any help would be appreciated!

herbiesjp

It depends on whether or not you fir the criteria of the chosen lender.

And so that can only be assessed on the basis of your circumstances.

90% mortgage deals do go through as long as you can provide what the lenders ask for.

GMS

fayp wrote: »

We currently owe £175k on our current property which we are trying to sell at the moment for £200k. We are looking at purchasing a property for £230k (are you keeping up! :rotfl:) so theoretically we will have a 10% deposit for the house we want.
Is there any genuine 90% mortgages out there at the moment that don't make you jump through millions of hoops? I see that the post office and nationwide offer 90% mortgages but don't want to apply only to be turned down.
When we spoke to a mortgage advisor he told us we would need at least a 20 or 25% deposit which we simply haven't got.

So we are very confused.

Any help would be appreciated!

There are 90% deals available but they are subject to strict underwriting.

Applicant are required to be squeaky clean.

If you could drop to 85% or lower you would find much better rates.

Speak to your current provider to see if they could help, and if not a 'Whole of Market' broker should be able to assist.

Your adviser who said that to you has not looked, or he knows something you have not said.

Thrugelmir

If you can afford the increased mortgage repayments. Then you should be saving every month.

Does your incomes support a £200k mortgage ?

fayp

My husband is self emplyed but can produce books from accountant to prove income. Would this affect the rate we would be offered?
We also owe just under £8k in credit cards and car loan.

We are currently with Northen Rock which is unable to offer us anything.

Thanks!

herbiesjp

Being employed or self employed does not matter as long as you can verify income.

It is the size of deposit that affects the rate on offer (along with good credit history)