Lenders most likely to approve?

mettlemickey

Hi,

We're selling our house and looking to take a fixed repayment mortgage on our new place at 90% LTV. Looking to buy around £200K - £220K

We both have good credit records and no debts (except existing mortgage) but ive heard about lenders being a lot more selective and turning higher LTV applications down, even after giving an AIP/MIP.

Does anyone have a view on lenders that are 'more' likely to approve eventual applications, or have a good track record in this area? As id like to avoid a rejections and multiple applications affecting my credit record.

I have had some advice from an WoM broker who has shown me some KFIs that look ok price wise, but they are with Accord mortgages whom i have read mixed reports about on other threads....

I have also had an initial chat with L&C who said they would do a Decision in Principle, but i told them not to as I dont want a DIP mark on my credit record just for a quote/KFI. They said it wouldnt leave a mark but i wasnt 100% convinced so i ended the call and told them not. Am i being over cautious here?

Thanks in advance for any feedback.

Jason

Thrugelmir

Far more than just your credit history to be taken into account. So there's no way of saying whether you meet any given lenders criteria unless you actually apply.

mettlemickey

Thanks Thrugelmir, I kind of realise that. What im really trying to find out is which lenders have 'track record' or approving 90% LTV so i can focus on them and which have a track record of not doing so, so i can avoid them.

If any such trends exist....

Dave_Ham

There is not really a trend as such, certain lenders like/dislike certain kinds of situations around deposit, income, employment, credit history, residence, commitments to name a few.

Depending upon your detailed situation, would depend upon the optimum chance of success.

If everything is great, then you will be able to achieve a mortgage at 90% with little to worry about.

Good luck

Simon_gloster

Such a generic vague opening post it's actually impossible to give an answer.

hamster2013

if they have a 90% LTV offering in their mortgages, why would you feel that they would not provide for it ?

as all have suggested - it is a lot more than the LTV that is taken into consideration:
1. debt
2. earnings
3. family - kids - marriage...etc
4. lifestyle - outgoings - trends
5. missed payment history
...etc

mettlemickey

Thanks everyone

It sounds like the message is that if they offer 90% LTVs then they are likely to accept an application if i meet their lending criteria.

Does anyone have a vie won which lenders have the strictest / least strict lending criteria?

Spitroast

Let me know how it goes. I'm currently after a 90% mortgage and have the need for speed due to getting an unbelievable house price deal and don't want to be gazumped! I have 2 mortgage brokers looking.

Mortgage advice centre is telling me Accord will 100% approve me and are the quickest and have best rates (although high fees). Yet London and Country are telling me Skipton are the best (even though higher rate than Accord). L&C also said he won't even work with Accord due to length of time they take.

It's obvious each MB has their own companies they work with and get better commission & deals off certain lenders. I have hunted around myself too, but to be fair they are finding slightly better deals, and as they have the contacts they are more likely to be able to push it through to make sure it's approved and with speed.

I'm think I'm going to tell the Accord guy I'll go through him provided he can guarantee he'll get approval by certain date - after all that's what he said he could do :-)

Dave_Ham

Neither Accord or Skipton are known for speed, good rates applied consistently.

Your definition of speed and mine may be different of course..

kingstreet

We use Accord when we have no choice. Skipton, we ensure we have every possible piece of data before we apply, then upload it all on application day.

Spitroast

Speed I'm talking <30 days.

I know Nationwide are known for speed, but higher rates for what I'm looking for. Accord site states Average speed of application to offer 21 days