Does having a 15% deposit really make a difference

saints1996

Hi,
Firstly thanks for all the replies.

When the underwriter was going through the affordability everything seemed fine and they thought it would be OK " so I am told ".
Though when they have put all information in to their system and pressed enter it said " NO". However when they put a lower borrowing percentage in it went " YES ", though I have just got their word for this. To be honest I am just glad they said yes, even though still got valuation to come.

Once again many thanks!!!!

kaylz39

_Andy_ wrote: »

You've just answered your own question, surely.

I'd say this was a bit out of order. She's obviously asking for advice and you're basically dismissing what she's asking for help on!

Dave_Ham

So assuming you have the 15% deposit, everything is ok.

There are other lenders than the 2 mentioned, although you will achieve a better rate at 85% then 90% so if you can afford to do it you should.

It may be that when they initially looked at the 90%, it was on information you have provided and then they take the credit report figures for commitments etc.

Also, be mindful that on many of the direct bank systems if you say you have a credit commitment for £72 a month for a sofa and it shows a credit commitment for £92 for GMAC, it may not match the 2 up and therefore you will have the commitment listed twice. It is essential the figures provided are totally accurate.

Good luck

jlh7

In my experience there is a big difference between the rates with a LTV of 15% rather than 10% (like a couple of percent), especially with HSBC and Barclays. Chelsea and Britannia have some good rates for LTV of 15% at the moment.

Good luck