Newbuild LTV

Sheep

Hello,

Does anyone know which lenders offer a mortgage on newbuilds at 90% LTV?

My broker is applying for one right now but he said he cannot tell me who the lender is at this stage. Only that there are 2 lenders who offer 90% mortgages on newbuilds.

Thanks

Sheep

kingstreet

There are more than two.

I can think of four off the top of my head and another we have access to which offers upto 95% if it's a property from one of our builders.

No broker is going to "name names" on here. Who has your broker used?

Presumably, if the lender name hasn't been revealed, you have been given a KFI with the product details?

Sheep

Hi Kingstreet.

So far I havent been given anything. I saw a Barratt home yesterday that i liked and the lady in the office told me to rinf 'The New Homes Group' who took all my details down and then said there were only 2 lenders at 90%? But they wouldnt tell me who they were. They just said they will try and get me a DIP today and will let me know. So far nothing

AnnaLMLH

new homes group computer systems were down today

Sheep

So i called Woolwhich and asked what their max LTV is on a newbuild. Was told it was 90% and was sent an email with a link on so i could get a AIP. All passed with the amount I needed. I called back just to check the LTV was ok and spoke to a guy who said yes 10% is fine. Im now reading its 85% max with Woolwhich so called back again, guy put me on hold to ask his manager, and oh yes the max is 85%! Does anyone have any experience with Woolwhich?

Verix

Ergh, hate Woolwich but they do have their place in the market. As has been mentioned above there are 4-5 lenders offering 90% LTV on new build but some of these have some tight affordability so perhaps you only fit with two?

kingstreet

Sheep wrote: »

So i called Woolwhich and asked what their max LTV is on a newbuild. Was told it was 90% and was sent an email with a link on so i could get a AIP. All passed with the amount I needed. I called back just to check the LTV was ok and spoke to a guy who said yes 10% is fine. Im now reading its 85% max with Woolwhich so called back again, guy put me on hold to ask his manager, and oh yes the max is 85%! Does anyone have any experience with Woolwhich?

85% on a newbuild house or flat.

charlamine

Sheep wrote: »

Hi Kingstreet.

So far I havent been given anything. I saw a Barratt home yesterday that i liked and the lady in the office told me to rinf 'The New Homes Group' who took all my details down and then said there were only 2 lenders at 90%? But they wouldnt tell me who they were. They just said they will try and get me a DIP today and will let me know. So far nothing

Hi Sheep


Am exactly the same position as you! They phoned about AIP said they would be processing today when I called them to clarify which lender they were applying to - I was told it was High Street Lender...when I pushed more they still wouldn't tell me - they said if I failed the AIP with the high street lender then they would get someone to call me to explore further avenues


They didn't seem to be to-forth coming to be honest with any questions I asked!


I am just letting it play out at the moment as I am fairly certain we won't pass AIP anyway - debt ratio is quite high at the moment - all debt is being paid off after we complete on our current property - and we are only going through the process now as our dream home came up with loads of added incentives which we had to act now or lose...so figured it was worth a try at least; if we fail we will just go back to the original plan of renting for 12 months with the plan to reserve somewhere in 6 months time

Sheep

Hi Charlamine

They rang me today to say they called the lender, had a word, and its now been accepted! I bet they actually made a mistake with our application but so far the brokers have been ok.

Even though the DIP has been accepted they still will not tell me who its with until next week when someone comes to my home and goes through the KFI. Im waiting for my Experian creeit report to come back and tell me who has searched me either last night or today.

Barratt are sending out 2 valuers over the next 72 hours and should give me a price on Saturday. Fingers crossed yours is accepted too.

Sheep

charlamine

That's great news Sheep!

I think there systems being down really messed things up, I have now spent a total of almost 2.5hrs talking to 3 different people going through all my details and re confirming my details as at it was being handwritten and passed around.

I have been told that someone in the AIP team will call me tomorrow to go through the information again!! And then they will put the AIP through.

At least they are being thorough! Although if the guy coming round on Friday asks me to go through everything again I might lose the will to live!!

kingstreet

The process should be like this;-

terms of business provided

facts gathered

illustrations produced and provided to client

client approves agreement in principle.

You should not be required to approve an agreement in principle without knowing the costs involved.

What if they get an agreement in principle then you tell them it's too expensive? A credit search may have been undertaken unnecessarily.

We're newbuild specialists and we would not operate this way.