Skipton 95%

Accountant_Kerry

Hi all,

I was hoping somebody could advise me.

I am looking at the skipton 95% mortgage, I know there are lots of opinions on the downfalls of high LTV and I appreciate them all, however I am saving but have seen my perfect house. I can't save any quicker by moving in with family as I don't have any and my spending has been cut to the bone.

Now the question is are these impossible to get or just near impossible?

I am looking at a house which is just over 2.5x income, I do have some debts however that wouldn't be cleared ( again I know opinion on this) I have sneaked onto the skipton brokers website and I fit the income criteria with outgoings taken into account by a reasonable margin.

I have a good credit history, no defaults or CCJ's no missed payments bar one which was due to a issue with barclaycard which was rectified the following month about 16 months ago.

I also have a buy to let mortgage with leeds building society which I have had for 4 years and never been late with a payment (this was a residential mortgage initially and was converted to BTL and is now being kept as part of my pension planning)

Anyone think I have a chance of being accepted for such a hard to get product?

Thrugelmir

Seeing as the mortgage product has a follow on rate of BOE base plus 4.45%. I would question whether you have your priorities right. As while pension planning is admiral. Having ones own home paid for should ranked higher up the list.

From your user name it should be straight forward for you to crunch the numbers longer term and ascertain the best way forward.

Accountant_Kerry

Thanks for the reply, and I appreciate the numbers however the need to buy a property that I can live in is my short term goal as I am currently renting a property myself as the property I have rented out is not suitable for my needs and I bought it in august 2007 with a 15% deposit and all equity has been eroded. My aim is then to pay off the mortgage on the new property as quickly as possible.

paraman

i also have a property which i rent out and i contacted Skipton regarding there 95% mortgage as i wish to buy another house to live in and they said it they wouldnt be able to give me a mortgage as owning another house which is rented out is against there lending criteria

sayahu

Hi I saw your post and decided to look at the Skipton's 95% deal,

and although I've not looked at all the info. something someone mentioned in regards to my situation was Yorkshire Banks deal again its 95% but lower fee, the rate even though the same is apparently better due to it's extra time.

I'm sure someone in the mortgage market can thankfully correct any mistake on my part.

property.advert

"BOE base plus 4.45%" should frighten you enough to run to the hills away from this one unless you are certain you will be able to remortgage, which you are not.

In your training they teach you to apply a prudent approach which this is not. You need to find more cash to qualify for a better product.

Accountant_Kerry

Thanks for all the replies. Unfortunately the finding more cash is easier said than done. Oh well it appears I am destined to be in rental accomodation moving my daughter from pillar to post for a good few years yet.