property value for 90 ltv - PLEASE HELP!!!

Greggy

Hi everyone,

My partner and I are first time buyers who are very much new to the mortgage process, and we'd be really grateful for advice as to which lenders would have lending criteria that would suits our needs. I've been looking around for a few hours on the internet now, but haven't managed to find lenders who have lending criteria that match what were looking for.

We are looking for a house in london area with a purchase price of 800-850k. After stamp duty, we'll have around 100k left for our deposit, so I guess we're looking for a 90% ltv mortgage on an max 850k house. Most lenders seem happy to lend us >750k using their affordability calculators, but our squeeze point seems to be the ltv.

The majority of the lenders i have checked appear to have property value thresholds above which a certain ltv applies (e.g. A minimum ltv of 85% for all properties >500k etc.) Does anyone know which lenders' criteria allow 90 ltv on 800-850k property? I found the Clydesdale, who seemed like they could help, but their particular affordability calculator suggested that they wouldn't stretch to our desired loan amount unfortunately.

Thanks so much for your help in advance, aimlessly searching the internet for lending criteria is getting pretty depressing!!!

Thanks again,
Greggy

GMS

There are lenders who would consider. A broker would be your best bet for this as many are broker only.

With a loan size like this I assume you are professional people? This may help.

What sort of incomes do you have?

Your research so far has been good in terms of who won't lend as once over 500k the LTV gets restricted.

Definitely a broker would be useful.

theGrinch

from my own research earlier this year, once you start to climb the ltv ladder, affordability starts to ramp up, insofaras, lenders will only lend on a capital and interest basis or your field of lenders is severely restricted.

as said a good broker is your best bet.

Greggy

GMS, grinch, thanks so much for your suggestions. A broker may well help us, but I'd like to try and find something myself at irst, at least for the agreement in principle.

In terms of further info, We are both professionals who are not in a probationary period etc., and our combined basic salary is 193k, so our maximum loads would be about 3.9x our combined income. We have no dependents and no real financial commitments, so I'm hopeful that we'd do okay on the affordability criteria.

Does this extra info help to narrow down which lenders might be a good match for us?

As always, any help would be hugely appreciated!

Thanks,
Greggy

GMS

There are not many first time buyers in such a fortunate position as yourselves so hoping for a recent similar experience might be difficult.

Why are you against using a broker? They have access to software to source this in minutes.