which 90% mortgage provider?

aslan2

Me and my partner are looking for a mortgage provider and want to know which one we are likely to get accepted by:-

First time buyers
£300,000 mortgage needed
10% deposit
£85k joint income
Good credit with no outstanding debt

The Nottingham BS, Yorkshire BS, and Chelsea BS all have reasonable advertised rates of between 4.5 and 4.64% if fixing it for 3 years.

Before I simply choose YBS, which has the most attractive rate, does anyone have experience of applying with these building societies?

ACG

I think ybs and the chelsea are the same company now arnt they?

Have you got a credit history? ie loans, credit cards, overdrafts etc? I dont know what prt of the country your in but up here thats a large mortgage so if you have no credit history as such i wouldnt be 100%.

Conrad

It will be tough to get that sort of income multiple agreed with only a 10% deposit, given the loan sum is high.
They'll go through your Bank stats with a fine toothcomb. 85% would be more likely.

Not saying you wont get 90%, but it's tough for most and be assured most people think thier credit rating is tip top.

aslan2

Thanks, we're in the south east unfortunately which is why the amount we need is quite high.

I completed the YBS affordability calculator which says we can afford the mortgage required, but understand they will want to go through our bank statements etc so it's difficult to say whether we'll get accepted or not.

ACG

Take the calculators with a pinch of salt...its kind of best case scenario for a lot of them....infact im not even sure the lenders know how their calculators work!

toddler9

We recently had a bad experience with YBS at a FTB 90% LTV.
We want to borrow much less than yourselves and less than 2x our joint incomes but they declined us. This is after we passed the credit search, they went through our bank statements with a red pen and asked for our inside leg measurement. When we made an offer on a property "we no longer met their criteria".Just like that. After spending a total of 6 hours in their brnach going through everything. After checking credit files they are fine- and they couldnt give us any more of a valid reason

We have since been accpeted with Natwest which is although is a higher interst rate- has been plain sailing so far. Obviously that is only my personal experience and others have had good dealings with YBS. I wish you all the best