Help I need a FTB mortgage for a £42000 house

asbotazbo

Hi,
I Have been scouring the internet looking for a lender to borrow a 95% ltv first time buyer mortgage,
I have a deposit of £2500
I am self employed with nearly 3yrs of accounts.
I have found a house at 42000 that I really like and I have a AIP with LBS but when I go to complete the application there are no mortgages to choose from?
Would anybody be able to point me in the right direction as to whether this is possible or a potential lender that maybe able to do this.
Thanks

kingstreet

I assume LBS is Leeds Building Society?

Does it have any 95% products?

asbotazbo

Hi,
Yes leeds building society,on there website there is 5yr fixed rate first time buyer mortgage at 95% LTV ?
But when I go through the application to the mortgage products its not in the drop down list.
Im going to give Natwest a try tomorrow and if that fails I will turn to a broker.

kingstreet

Is your application for less than the minimum loan?

dktreesea

It's probably because you are self employed. If the amount you are looking for is more than 3.5 times your average profit over the last 3 years, it will probably be declined whichever bank you use.

dktreesea

Another thing about Leeds Building Society. They definitely do lend to the self employed, but they require a better than 80% loan to value ratio.

asbotazbo

Thanks for your advice,they say their minimum loan is £30000?
From the 5th of April I will have 3yrs of audited accounts and should easily clear what I am wanting to borrow if lenders use 3.5 times my average salary.
I was trying to save 10% deposit when this house came onto the market and it is exactly what I am looking to buy but only have the 5% so far.
I checked on mycreditfile and all is good and can see that LBS did a credit check on me which I passed and got a AIP which I cannot use
I just hope that their search won't effect my chances of getting a mortgage elsewhere.