Best 90% mortgages around?

sazrah

Hi guys,

Just wondering if anybody could point me in the right direction in regards to best mortgages on the market.

Me and partner are looking at buying the house we are renting at moment. Landlord wants £95k for it and we would have the 10% deposit so we would need a mortgage of £85500.

Our combined income is approx £41-£42k per annum. I have a loan with about £4k outstanding and about 3 years left on it, also have a car on finance which we just upgraded in April this year, 1 credit card with £1k on which we will be paying off very shortly. Also have a savings account with approx £7k in which is our savings for our wedding next July.

We both have good credit history with no missed payments or CCJ's (years ago I did have a couple of defaults in which I did settle but these have been removed from my credit report now).

Does anyone think we will struggle with obtaining a mortgage and who are the cheapest/best people on the market? I have had a look on money supermarket and have some ideas. From what I've been reading I think we are best going for a fixed mortgage. I am going to go to Yorkshire Bank in a couple of weeks when I am off work and see what they offer as my parents mortgage is with them but wondered if any of you kind people could give me some good advice?

Thanks
Sarah

ACG

You should be fine so long as your credit history is fine.

Yorkshire can be quite strict off memory, so a 90% with the yorkshire might be difficult but if your credit history is fine then you shouldnt have an issue as your income easily supports it.

Best isnt always the right term. Im presuming you mean the cheapest rate? But each lender has their on criteria for who they will accept so it may be depending on your circumstances the cheapest isnt available.

Thats why you will find advisors on here will be reluctant to tell you who is best as its classed as advice and without knowing a lot more about you, were not allowed to give advice.

Sorry, i know thats a rubbish answer and not what your looking for.

sazrah

Hi ACG

Thanks for your reply. With best, I do mean cheapest rate but also with a lender who will accept us. I wouldn't want to go to the cheapest lender I find on moneysupermarket for example if they are going to turn me down as then won't this ruin my chances of getting a mortgage with another lender?

R_P_W

hi, just remember that you will need a couple of thousand put aside for fees etc. Obviously moving costs wont be an issue though!

Depending on your landlord motivation for selling you might be able to negotiate what he wants down? Does the 95k he wants stack up with other similar properties in your area?

sazrah

Hi RPW

The house next door is on the market for £95k also. We orignally made an offer of £90k, he bought the property in 2007 for £105k. He refused that and said he wanted £100k so we said £95k was the most as we would be more beneficial buying next door if that was the case.

My cousin works in a solicitors so she has given me all the costs that are involved on that side and I understand there will be costs involved with the mortgage too. Will there be more costs anywhere else?

I think we are going to get some costs on a mortgage and then think about it for a little bit without jumping in feet first. Our rent at the moment is £450 a month so if a mortgage isn't going to be considerably more we would be silly not to consider buying I think.

Thanks

sazrah

What I probably should of asked was where is the best place to start looking for a suitable mortgage? Is it advisable to use a mortgage broker/advisor or go it alone? Do they charge us or get their fees from elsewhere and how do I go about finding one I trust?

ACG

Moneysupermarket is a good start, also your bank could be a good place to go as you have a history with them.

Alternatively you can speak to a mortgage broker. Some do charge, some dont. Finding one you trust could be from a recommendation, going to see them and see if you trust them? I tend to get a feeling if i dont like someone so i wouldnt trust them with the biggest purchase of my life, but there are no shortage of advisors so you can go and see a couple until you find one your happy enough with?