in principle

thorax1

I went to broker, they found me a mortgage at with a 10% deposit but i had a credit issue. Now got an agreement in principle with a 20% deposit. Am at the stage where My accountants (I own my own company) have recieved a mortgage "reference enquiry" about me.
My question is...if the broker at first thought I was good for a mortgage at 90% LTV surely I am good for one at 80% LTV right?
Is this refernce enquiry a good sign?
Thanks

Dave_Ham

At 80% - us brokers have more options..

I assume the lender is not a household name and the reference is a good sign yes...

Good luck

thorax1

Dave_Ham wrote: »

At 80% - us brokers have more options..

I assume the lender is not a household name and the reference is a good sign yes...

Good luck

The lender is not high street and there is a healthy fee...its my fault for the credit issue. I was just a bit concerened about affordability as My last years accounts were not quite ready and I sent the draft ones. There is a slight change in the finished ones and this is what the accountants will have sent now. Does that matter?
If the worst comes to the worst I can up the deposit to about 25/30%

Dave_Ham

Tell us about the fee and rate - the bigger the deposit the better terms that can be achieved usually...

If you want to give us the adverse that is registered on Experian and Equifax and who declined at 90% - this will also allow better information to be provided to validate your circumstances...

thorax1

the fee is about 3K added into the mortgage. Its because of 3 late payments on c cards and a electoral role issue.
my equifax is bad and my experian is medium but this lender has accepted all that hence the fee and a rate of 4.8% 2 yr fixed.
It looks to me that this lender wants my business. I really want the house as its a bargain in a top spot so not worried about the rate and fee just want to get in and sort it out in 2 yrs.

Dave_Ham

With no defaults or CCJ's you should be able to do better, scrub that you should almost definitely be able to do better.

Obviously I understand you are keen on the property and understand your position, but I would do a little more research and sure there is better out there..

Good luck

xyellowx

up the deposit to 25/30k shop around and get a better rate and save £2005 on the fee aswell.
dont be blinkered in what your about to pay just to get the keys.