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Will I get a mortgage?
buzzyzoe
Posts: 477 Forumite
Hi all,
Newbie here, trying to buy for the first time. I'm trying to decide between buying a one bed, for which I would be a cash buyer, or buying a two bed, for which I would need a small mortgage.
The figures are roughly this:
If I was to buy a two bed, it would most likely be around £200,000, and my deposit would be £140,000 ish, so a LTV of 30% (if my maths is correct). Would I have any problems getting a mortgage for such a low percentage of the property value?
Any advice appreciated
Newbie here, trying to buy for the first time. I'm trying to decide between buying a one bed, for which I would be a cash buyer, or buying a two bed, for which I would need a small mortgage.
The figures are roughly this:
If I was to buy a two bed, it would most likely be around £200,000, and my deposit would be £140,000 ish, so a LTV of 30% (if my maths is correct). Would I have any problems getting a mortgage for such a low percentage of the property value?
Any advice appreciated
Mortgage received 21/12/2018
Mortgage at start - £261,980
Current mortgage - £260,276
Saving towards a loft conversion first, then to smash the mortgage down!
Mortgage at start - £261,980
Current mortgage - £260,276
Saving towards a loft conversion first, then to smash the mortgage down!
0
Comments
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Some lenders have a minimum loan amount which you might not meet but in the main you should be fine - providing your income/credit history fit with that lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I did think that, but a loan of £60,000 still seems substantial to me, just not when viewed as a percentage of the whole.
Next step now: trying to get an agreement in place!Mortgage received 21/12/2018
Mortgage at start - £261,980
Current mortgage - £260,276
Saving towards a loft conversion first, then to smash the mortgage down!0 -
Its not the percentage thats the problem, ive done them for 12%.
Its the monetary value, but i would say you fine with 99% of lenders.
To get an AIP (Agreement in principle) you need to speak to the bank you choose or a Mortgage Advisor.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I did think that, but a loan of £60,000 still seems substantial to me, just not when viewed as a percentage of the whole.
Next step now: trying to get an agreement in place!
Should be fine, my understanding was that anything below say thirty grand would be too small for. Mortgage but someone on here reckoned they could get ten grand, not sure if they did or not.0 -
I did one on Friday night for £18k.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Buy two flats putting down £70,000 on each.
One current mortgage rates your net cash flow will still look good, it is better for tax and you are splitting your risk.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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Sorry, my mistake I thought we were talking about BTL.
Confusing this post with another.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Halifax don't have a mininum loan , but do have minimum valuation of 40k, HSBC have 10k min as to others.
Hope this helps
Holly0 -
Thanks all, very helpful!
It is for me to live in, yes, so just looking for the one property at the moment! I will make an appointment with a mortgage adviser soon
Mortgage received 21/12/2018
Mortgage at start - £261,980
Current mortgage - £260,276
Saving towards a loft conversion first, then to smash the mortgage down!0
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