Where to borrow 720k @ 90% LTV ?

LTVninety

We were all set to get the Nationwide to give us 85% on £800k (or a mortgage of £680k) in a few months but we've fallen for a property now which would be the ideal final family house with lots of land and Nationwide won't go to 90% above £500k.

My salary is £195k so affordability is fine (I think). We have no debt. We own property outright overseas which we do not wish to liquidate which is why we are short on deposit in the UK now (both UK nationals).

I can get to 85% in say 2 to 3 more months but that will be too late for this property. My intention is to reduce the LTV down to below 70% within a couple of years and remortgage to interest only.

Credit files good but I did pick up a couple of credit cards and new phone contract in March as I thought these might help when looking in September / October. Previously only had one card.

Payslips and bank statements available but P60 shows only £155k for last year. No SA302 as overseas last year (on UK electoral roll though).

Any idea who to approach ? There seems to be a gap in products where 90% tails off after £500k.

Happy to speak to an agent or someone here but I don't want my credit record trashed by brokers who don't have a viable product to deliver.

GMS

Lending can get restricted once you get over 500k.

There are possibilities out there. Broker will be able to assist.

Broker won't trash your credit file. Applying at random would do.

LTVninety

Googling around this weekend I come across what is essentially the same product from the same supplier but with marginally different conditions which makes me think the websites are screwed up, just like the insurance comparison sites.

amnblog

The websites cannot be relied on to be accurate.

90% over £500k

Ex pat.

P60 not showing true income.

Wish to switch to interest only later.

Make large overpayments.

You need help with this one. Not one to be going direct.

Engage a decent broker.

Kristina80

I have to say that people are actually trying to scare people here! We have applied for a 90 percent mortgage with Halifax and they would give us up to £720k without a problem. We didn't have to provide our P60 as our last 3 payslips showed what we have earned over the year (your march paYslip should show you annual salary anyway). Halifax didn't even want any bank statements. It was really easy. We actually first applied to Santander via a broker but it took over 4 weeks and was still not with the underwriters. Therefore, we went to a Halifax branch and one hour later we had our mortgage fully underwritten subject to survey!

stephenni1971

Kristina80 wrote: »

I have to say that people are actually trying to scare people here! We have applied for a 90 percent mortgage with Halifax and they would give us up to £720k without a problem. We didn't have to provide our P60 as our last 3 payslips showed what we have earned over the year (your march paYslip should show you annual salary anyway). Halifax didn't even want any bank statements. It was really easy. We actually first applied to Santander via a broker but it took over 4 weeks and was still not with the underwriters. Therefore, we went to a Halifax branch and one hour later we had our mortgage fully underwritten subject to survey!

You did NOT get a mortgage underwritten at a Halifax branch within one hour.

Yorkie1

Kristina80 wrote: »

I have to say that people are actually trying to scare people here! We have applied for a 90 percent mortgage with Halifax and they would give us up to £720k without a problem. We didn't have to provide our P60 as our last 3 payslips showed what we have earned over the year (your march paYslip should show you annual salary anyway). Halifax didn't even want any bank statements. It was really easy. We actually first applied to Santander via a broker but it took over 4 weeks and was still not with the underwriters. Therefore, we went to a Halifax branch and one hour later we had our mortgage fully underwritten subject to survey!

The brokers on here don't scaremonger unnecessarily, and to accuse them of doing so is calling their professionalism into question. They spend hours on here assisting people with all sorts of queries :T

Whilst you may have been successful (well done), it is right for the brokers to point out that there are a number of complexities in the OP's case, not least the complication of overseas matters, self-assessment documentation for tax purposes, and pay slips which don't show the true picture. Therefore your experience is not comparable.

Kristina80

We DID get the mortgage underwritten within an hour because we were lucky enough to sit with an underwriter! He saw that our case was strong and he could approve it then and there subject to survey. Don't understand why you are accusing of lying!

JPB123

Kristina80 wrote: »

We DID get the mortgage underwritten within an hour because we were lucky enough to sit with an underwriter! He saw that our case was strong and he could approve it then and there subject to survey. Don't understand why you are accusing of lying!

Mortgage Underwriters don't work in branches. He may have told you that he was doing an initial underwrite, but it wouldn't have been through a full underwrite.

I am an Independent Mortgage Adviser

You 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.

JPB123

LTVninety wrote: »

Googling around this weekend I come across what is essentially the same product from the same supplier but with marginally different conditions which makes me think the websites are screwed up, just like the insurance comparison sites.

Have you had an overseas address during the last 3 years? That would stop it going anywhere with Nationwide. You need to have had full residency in the UK for the last 3 years. They won't even accept BFPOs, which is the Forces equivalent of a UK Postcode.

I am an Independent Mortgage Adviser

You 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.

shortchanged_2

Kristina80 wrote: »

We DID get the mortgage underwritten within an hour because we were lucky enough to sit with an underwriter! He saw that our case was strong and he could approve it then and there subject to survey. Don't understand why you are accusing of lying!

Of course you did. Why wouldn't we believe you. This is only an anonymous internet forum after all.