90% LTV Mortgages - Advice Needed

nicolabevan

Hi, I really need some advice about the best mortgage deals around. I don't currently have a mortgage, although I have been named on a mortgage in the past.

I've managed to find a 90% LTV with the HSBC at 4.99% fixed for 2 years, but wondered if there are any other good deals out there with 10% deposit and a lower interest rate?

I can't seem to find anything anywhere???

CloudCuckooLand

Be aware that HSBC are one of the pickier lenders, so check your credit history thoroughly...

nicolabevan

Thanks for that. They've agreed in principle, credit history's fine, I just wondered if there's any better deals out there?

Thrugelmir

With only a 10% deposit options are limited. if you could raise another 5% then more products would be available.

MexPirate

I am a FTB and just got a 90% LTV tracker from HSBC, personally didn't see the value in the 2 year fix although it is the only way to get on the SVR with 90% LTV which is(or atleast was) lower than my tracker (+3.49% BoE on SVR, I got +3.69% is now +3.79%).

I seriously doubt you will find a cheaper deal anywhere at 90%, I went to an IFA who was unable to offer me anything as affordable - can't remember exact rates but his closest offer was still more expensive a month with a 30 yr term compared to HSBC on 25! Santander (who we had a first home saver account with) had competetive deals but we're still atleast 0.25% above HSBC with much larger arrangement fees.

Ours was £109,800 mortgage, 25yr tracker, BoE Rate +3.69% - combined income £37k (joint mortgage), the underwriters took ages (referred ONLY due to the 90% LTV so you can expect this too if they were telling me the truth)

dkb

MexPirate wrote: »

I am a FTB and just got a 90% LTV tracker from HSBC, personally didn't see the value in the 2 year fix although it is the only way to get on the SVR with 90% LTV which is(or atleast was) lower than my tracker (+3.49% BoE on SVR, I got +3.69% is now +3.79%).

I seriously doubt you will find a cheaper deal anywhere at 90%, I went to an IFA who was unable to offer me anything as affordable - can't remember exact rates but his closest offer was still more expensive a month with a 30 yr term compared to HSBC on 25! Santander (who we had a first home saver account with) had competetive deals but we're still atleast 0.25% above HSBC with much larger arrangement fees.

Ours was £109,800 mortgage, 25yr tracker, BoE Rate +3.69% - combined income £37k (joint mortgage), the underwriters took ages (referred ONLY due to the 90% LTV so you can expect this too if they were telling me the truth)

We're putting our application in tomorrow. £99600 loan over 18 years on £56000 combined income, credit histories both very good but i expect it to be declined because my partner has been utilising her overdraft.

Fingers crossed we get it but I'm not holding out much hope.

McCreary

I've just got a mortgage offer from the Yorkshire Building Society as part of their First Time Buyer's package for 90%. Excellent service and a lot of additional benefits - I got home insurance for a year, valuation and legal fees paid, higher lending charge and set up fees paid as well as £500 cashback. Staff are exceptional and continue to really support me throughout the process.

If there is a branch near you I would suggest looking into their mortgage range.

MexPirate

dkb wrote: »

We're putting our application in tomorrow. £99600 loan over 18 years on £56000 combined income, credit histories both very good but i expect it to be declined because my partner has been utilising her overdraft.

Fingers crossed we get it but I'm not holding out much hope.

I was an existing customer and to be fair my overdraft was interest free up until a month or two ago but have been in it regularly every month as has my wife to a lesser extent - you want less money over a shorter term with a much higher income, would say your chances are extremely good.

Be prepared for a long wait to hear back though, especially with Christmas looming

Marty21

I know that RBS do some mortgages at 90% LTV. Not sure of the current rates and deals, but a visit to their website should answer this or if you are from england natwest will do basicly the same deals.

Hope this helps:)