95 LTV success rate and mortgage/new job query

lawlie

Hi there,

My first question was to see how many people have been successful or unsuccessful in applying for the Clydesdale 95% LTV mortgage. I have read a couple of stories at least on here of people getting these successfully. I was full of hope, until an agent advised that they would basically not recommend me to potential buyers as "lender dangle you along and then eventually turn you down" (re 95% LTV mortgages) which has gotten me worried.

My second question is this. Me and my bf are looking but are not sure whether to apply solely in my name, or his also. The deposit is coming from us both, so if it is solely in my name it would be gifted and he would have to sign away his rights (which is fine if need be). The reason why we may only apply in my name is because he is starting a job in a couple of weeks time and the strength of my income should be enough to get a mortgage. Do people think that lenders are more likely to decline if we apply jointly, or would he just be disregarded?

Circumstances (if relevant) are:

My income: £85k or so, with £10k bonus
His income: £60k

Property around £300k.

TIA

Wh05apk

At 95% all lenders set very high criteria, however if everything else stacks up (both on voters roll, no adverse, some credit history etc) then you should be fine, it is unlikely they will accept the application just in your name if he will be providing the deposit/living there.

On a £145k combined income, how come you have only got a 5% deposit?

Dave_Ham

An unfortunate side issue when telling the Estate Agent the truth. If you told them you had a 10% deposit and did not want to see their advisor, they would be none the wiser.

Always try and get you both on the mortgage as saves stress and complication.

Clydesdale are not the only providers at 95% LTV

lawlie

Thanks both, I haven't really heard of any other providers where people have actually been successful.

Wh05apk - he pretty much give all his money away in his divorce, and I've only been on a decent salary for a couple of years, clearing student loan/professional loan previously as well.

On the deposit issue, do you think it would be adverse to have his name as well, or only that his income wouldn't be taken into account which isn't a problem?

kingstreet

lawlie wrote: »

I've only been on a decent salary for a couple of years, clearing student loan/professional loan previously as well

I would have suggested building up your deposit at a faster rate than you were repaying debt. With your income, you could have carried the debt repayments and would have had a much easier ride for a mortgage at 85% or 90% than you will at 95%.

marshmallowkisses

I applied for a joint mortgage with CB on Friday, with a 6.5% deposit (which I was told didn't make a huge amount of difference).

Joint income £51k
We have three credit cards between us which are always paid off in excess, on time, a car loan remaining £3k to pay, and I have an OD of £400 which was utilised every month.

We were looking at £150k value property.

Applied Friday, approved Tuesday. So no problems for us thus far.

Good luck! Try applying, I worried for so long and it seems to have been for nothing.

glosoli

lawlie wrote: »

Hi there,

My first question was to see how many people have been successful or unsuccessful in applying for the Clydesdale 95% LTV mortgage. I have read a couple of stories at least on here of people getting these successfully. I was full of hope, until an agent advised that they would basically not recommend me to potential buyers as "lender dangle you along and then eventually turn you down" (re 95% LTV mortgages) which has gotten me worried.

My second question is this. Me and my bf are looking but are not sure whether to apply solely in my name, or his also. The deposit is coming from us both, so if it is solely in my name it would be gifted and he would have to sign away his rights (which is fine if need be). The reason why we may only apply in my name is because he is starting a job in a couple of weeks time and the strength of my income should be enough to get a mortgage. Do people think that lenders are more likely to decline if we apply jointly, or would he just be disregarded?

Circumstances (if relevant) are:

My income: £85k or so, with £10k bonus
His income: £60k

Property around £300k.

TIA

If he is just starting a new job in a few weeks, they won't be able to take his income into consideration until he has worked there for at least 6 months and outwith any kind of probationary period.

This means the application will have to be made on the strength of your own income only.

The criteria for any 95% mortgage above £250k is very strict, generally speaking you have to be a professional, crystal clear credit history, nominal/low debts in the background, preferably employed for at least 2 years within same company.