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FTB 95%LTV help please :)
sparkly_momma
Posts: 55 Forumite
My husband and I got the delightful news on Friday that our landlord is putting our home on the market. Luckily we've been looking at buying my parents' home so intend to push ahead with this.
We got an AIP from natwest in the late stages of last year but want to shop around first. The trouble we are having is that the places advertising 95% mortgages don't actually offer that when we input figures.
Joint income is £41k (£46k including child benefit and tax credits), property value is £200k, we have £10k deposit. We have 3 children. Natwest offer means monthly payments of £960, we can afford this but don't want to jump at the first offer we get!
We have to vacate here at the end of March so we are up against it timewise. Can anyone recommend a provider who would likely lend on these figures? I used the best buy tool but having phoned through 4 pages so far and getting nowhere I am losing the will!
We got an AIP from natwest in the late stages of last year but want to shop around first. The trouble we are having is that the places advertising 95% mortgages don't actually offer that when we input figures.
Joint income is £41k (£46k including child benefit and tax credits), property value is £200k, we have £10k deposit. We have 3 children. Natwest offer means monthly payments of £960, we can afford this but don't want to jump at the first offer we get!
We have to vacate here at the end of March so we are up against it timewise. Can anyone recommend a provider who would likely lend on these figures? I used the best buy tool but having phoned through 4 pages so far and getting nowhere I am losing the will!
0
Comments
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The amount you can borrow is based on affordability.
The loan to value you are offered is based usually on credit score.
You'll effectively be offered the lower of the two.
Some lenders won't take child benefit and tax credits into account, some do. An independent broker would be the best source of advice and help in comparing products, affordability and criteria to ensure you actually get what you should.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
hi sparkly
best buy tables are ok but do not tell the full story of which lenders will consider your circumstances
seek out a mortgage broker to do the work for you
Regards IanI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, feel free to check our website for our registered number. 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.0
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