Mortgage quotes

moonshinestar

Hello, sorry for the new post but i am after some advice. House i want to buy is on sale for 80k and they have accpeted my offer of 73,500.
I have been offered a 90 % mortgage 2years fixed rate over 30 years with Halifax but it works out at £415 a month plus fees and valuation on top.
So i applied to my bank (Yorkshire Bank) and was told i could have a 95% mortgage 3 years fixed over 35 years and this would be £397 a month with free fees and a free valuation.
However they have come back to me and said the most they will lend me is 63k.
I have a good credit score with no defaults and i pay £400 a month in rent so how can my bank decide to not lend me enough when it would work out the same amount i pay now?

Dave_Ham

Have you got credit commitments outstanding?

You sometimes have to pay for Halifax flexibility, if your credit is clean there are better lenders than Halifax on overall cost but not on income multiples.

Good luck

moonshinestar

I owe £800 on a credit card which i told them i can pay off but its on a 0% deal so i havent rushed to do it and i have a clean visa with a limit of 6k which i dont use now but that is a yorkshire bank one.
My income used includes wages, tax credits etc so is a combined 19k per annum. I can pay a 10% deposit if i borrow from family but then the bank say my mortgage would be £330 a month so why cant they just lend me at 95% so i can carry on paying £400 a month and not have to pay family back?

Dave_Ham

Ask them - this does not make sense...

moonshinestar

lol im glad im not the only one confused. Even when i put my income in on the yorkshire bank website it says i could borrow up to 76 thousand at 95%. I will give them another ring as i know the vendor is getting impatient too.

moonshinestar

Customer loyalty obviously means nothing. Yorkshire bank have said they will only lend me 60k at 95% and they are applying again to see if i can have the full amount at 90%. But what has annoyed me is they asked where my two recent Paypal deposits came from and asked me what it is i sold. I told them i have £1700 in cash to put in my bank account and they even asked where that came from. I keep loose change in a jar and have done a few car boots and had people pay me cash on collection for things ive sold on ebay. Do they really need to be so nosey? Surely as long as i am not borrowing the money they should be glad ive managed to save up? They even said they would like for me to have a back up fund in case my boiler broke or i lost some roof tiles. Well if they would be so kind and lend me at 95% then i would be able to keep even more spare cash available. Do they seriously think i would stop paying my mortgage because i had to go without central heating until i got it fixed! Are all lenders like this?