Help to buy scheme

kingstreet

It's what about a dozen high street lenders use.

If you are getting less than that, I would guess you are using Yorkshire BS Group or HSBC calculators.

joe134

kingstreet wrote: »

It's what about a dozen high street lenders use.

If you are getting less than that, I would guess you are using Yorkshire BS Group or HSBC calculators.

Or MSE,s. L&C :rotfl:

kingstreet

If you want to use a lowest common denominator approach, you quote 4x because you know every lender will offer that.

If you want to give someone a realistic idea of what's available out there you use 4.5 - 5x.

Fitzkepp

L&C's was actually the last one I used. Fair enough then, good news! Why would HSBC, Yorkshire BS and L&C be using a lower calculator? Just more conservative approach on their parts?

kingstreet

Probably.

At least four lenders on HTB allow 5x income, and a couple 4.5x so the lower ones you mention would be in the minority if they actually did HTB business. Although the thread has somewhat wandered off topic, which was HTB - EL.

joe134

My grandson had a house nine years ago, and has rented since then, can he still class himself as a first time buyer.? also, he,s with Barclays, who doesn,t have any 90>95% mortgages that I can find,but Woolwhich does for both Ex/c and none, with £500 difference.Don,t know if they are claased the same, as they are under the same licence?
Would it be acceptable to change banks to obtain a certain mortgage, to Hsbc et, al, or do they frown on it.to save on arrangement fees?

kingstreet

He'll be classed as a FTB by some lenders, not by others. Check each.

Woolwich & Barclays are one and the same.

Changing banks again depends on the lender. Some require you yo have had a particular account for a certain amount of time.

You need to research each lender and product under consideration to get specific answers.

joe134

kingstreet wrote: »

He'll be classed as a FTB by some lenders, not by others. Check each.

Woolwich & Barclays are one and the same.

Changing banks again depends on the lender. Some require you yo have had a particular account for a certain amount of time.

You need to research each lender and product under consideration to get specific answers.

Hi kingstreet thanks for reply again, does that mean woolich will accept him as a ex/c even though his c/a is with Barklays?
Probably best to ask them.?
Also, does a Isa if he took one out with any bank that has a good range of mortgages.eg.;hsbc, class him as ex/c several months later.?
Looking at ways around the initial ex/c fees;;;;without risking credit rating;;;
He,s not going for newbuy, so maybe FTB may not apply but will tell them all anyway, don,t want any hiccups at last moment.
When I had a mortgage,( long time ago), I had to become an ex/c ) take an a/c with them for so long;;Times have changed.including APR, 15% then.

kingstreet

Existing customer normally means existing mortgage borrower, not current account holder, as mentioned you really need to study the requirements of the individual lender products.

On here we can generalise about "what most lenders do" but that is no substitute for careful research into the specific products you are considering.

A Barclays current account qualifies you for a Woolwich mortgage. Woolwich is simply a Barclays brand name.

joe134

kingstreet wrote: »

Existing customer normally means existing mortgage borrower, not current account holder, as mentioned you really need to study the requirements of the individual lender products.

On here we can generalise about "what most lenders do" but that is no substitute for careful research into the specific products you are considering.

A Barclays current account qualifies you for a Woolwich mortgage. Woolwich is simply a Barclays brand name.

Hi kingstreet, it would seem Grandson has a house in mind with the view of a Wollwich mortgage,
Can you explain the mortgage advertised, it,s a bit vague to me;?
Openplan FM 3 YR@3.99%
Fixed BBR LTV 95%.
It,s the Openplan, and BBR that,s confusing.without contacting them.