90% with high income multiple

Iwani

We're after a 90% mortgage (no chance of coming up with higher deposit anytime soon), we also need around 4.5 * joint income. Credit score as far as I know is good, has always come back high in the past and no reason to suspect anything would have changed, in fact we've overpaid our current mortgage a few times.

I know it's a big ask but that in theory it should be doable but with a very small choice of lenders but have been getting more and more nervous about it and now Northern Rock have turned us down despite the AIP being fine.

Now I'm getting really quite worried. We're trying Abbey (are they still called Abbey?) but what little confidence I had in pulling this off is somewhat shot now.

So my question after all that rambling is - just how many lenders out there will do this? Or is Abbey possibly my last shot and then we lose the house we've offered on?
Will be absolutely gutted, there's nothing remotely in the price range of the amount NR approved us for and the thought of having to stay living here gives me rage (!!!!!!, !!!!!! area). In fact I'm so desperate to get out of here that I'll probably go ahead with the sale of my house and rent, but it'd break my heart to do so.

Dave_Ham

From what you have said this should not be a huge problem.

Got a 90% accepted today with Halifax for similar.


Its not a new build property is it??


Dave

GMS

What loan amount are you looking for?

What is your income(s)?

Any children?

Any unsecured credit?

Iwani

Nope not new build - it's a repossession, does that make a difference?
Income is approx 26000 + 6500 and 1 child (no childcare costs). We need £145K loan.

Dave_Ham

This sounds doable based upon those numbers, just..

Assuming credit record is clean and nothing in the background.

If you say that have applied to Abbey, then these used to be very good and now are fair to good in terms of rate,speed,service and flexibility..

Good luck

Iwani

Thanks Dave, appreciate the help, will try to stop stressing and just have to sweat it out!

GMS

Do you get any tax credits? Some lenders will allow you to use these.

If you are trying Abbey put your figures into the affordability calculator, link below

http://www.abbeyforintermediaries.com/calculators/affordability.aspx

Should give you an idea of borrowing.

Problem with a rpepossession is that there can be a higher offer any time up to exchange of contracts. The key to it is a good solicitor and a quick mortgage offer.