Leeds Building Society 95LTV 4.59%

deano3

Hi,

Im giving consideration to the above product and wanting to know if i have a hope in hell of being eligible.

Affordability isnt an issue however i have a property i rent in the background. I expect this to be the stumbling block. The rental property currently makes a slight loss, however it is a residential mortgage on repayment and i could increase the mortgage term to put it in profit month on month.

Of course it would be sensible to save a higher deposit but circumstances dictate that i have to purchase asap.

Credit shouldnt be an issue, no missed payments, CCJ's etc.

Any hope?

Tjrw1985

So you have a residential mortgage and you want another one.

Cannot see them letting you have this, especially at 95%LTV

deano3

I know its unlikely, any advice or views on the matter would be most welcome.

alstar1

deano3 wrote: »

I know its unlikely, any advice or views on the matter would be most welcome.

Hi, I am in the exact same situation and have applied for a similar product with Leeds. I passed the AIP no problem (which was a table 2 credit check in equifax) and I am submitting the full application on Monday.

I explained about our current mortgage, rental income (which is more then the mortgage cost) and the mortgage advisor basically said that they would not consider that as an outgoing cost as it looked after itself.

I'm wondering how you got on with your application? thanks

ACG

EDIT: Ignore my original post, got Leeds mixed up with Yorkshire building society.

Speak to leeds before submitting anything. Ensure you meet criteria before doing credit searches.

deano3

alstar1 wrote: »

Hi, I am in the exact same situation and have applied for a similar product with Leeds. I passed the AIP no problem (which was a table 2 credit check in equifax) and I am submitting the full application on Monday.

I explained about our current mortgage, rental income (which is more then the mortgage cost) and the mortgage advisor basically said that they would not consider that as an outgoing cost as it looked after itself.

I'm wondering how you got on with your application? thanks

Thanks for your reply, i spoke to leeds on the phone and they said rental wouldnt be a problem so long as rent covers mortgage. I have just increased term of rental mortgage so that part is now sorted.

I passed affordability and they advised subjuct to credit checks etc they would lend me more than required.

The best rate is not available direct so going to see someone next week who has access to the 4.89.

Really hope all is going to be ok as not really any alternatives.

alstar1

best of luck with your full application - I sent mine in today to Leeds so keeping my fingers crossed as this is also our only option

id be interested to know how you get on with Yorkshire - I may consider trying them if we can't proceed with Leeds.

I was really worried about having the other property mortgaged but they did say that as long as the rent covers the mortgage then it's fine.

I can't remember it being this stressful when I bought my last property!!

Good Luck! and keep us posted

alstar1

Hi how did you get on with Leeds? I misread the previous comment and thought it was from you saying you had actually went to YBS!

I am still waiting on our decision - been a few weeks now and they have asked for a few extra documents which I have sent in so I've to phone back next week for an update

kingstreet

deano has multiple threads on this. You may wish to carry out a search.