95% LTV mortgage experiences!

deegsy

Hi Guys,

I've finally sold my property and its to a FTB which is great. My question is has anyone had any experience with a 5% deposit mortgage? Is the process longer because of a more in depth underwriting? My mortgage is flying through but there doesn't seem to be much movement on my buyers side (who has a 95% Mortgage). Its been two weeks and not even a valuation booked yet. My EA says everything is going as it should but i am reluctant to pay fees on the property on i am buying until i at least see something happening on my sale. My Buyers is using the estate agents mortgage broker so you would think this would bring confidence they are suitable for the mortgage.

Many Thanks for your time!

arbrighton

deegsy wrote: »

Hi Guys,
. My Buyers is using the estate agents mortgage broker so you would think this would bring confidence they are suitable for the mortgage.

Many Thanks for your time!

I'd have more confidence if they a) had a decision in principle (do they? ) and b) were using an independent broker myself

Pixie5740

It depends which lender they are using. Not necessarily because of the 95% LTV mortgage but when a lender releases some really good rates they get inundated with applications which slows things down. So any delay you think there might be could have nothing to do with the buyer at all.

Edit: Using estate agent's mortgage brokers doesn't fill me with confidence full stop.

deegsy

Yes the EA said they had a DIP, my valuation was booked within a day i can't understand whats taking so long. So frustrating because somebody tried gazumping us on our new house offering 10k more after it had been taking off the market but the seller is sticking with us. So obviously you can understand why i am getting impatient with hearing nothing from the buyers side.

Mummyto4kids

Our buyers valuation took approx. 3 weeks to book and it was all apparently due to an issue over providing bank statements which they had to wait to receive and a gifted deposit which a relative had to sign something for. Once the valuation was done we literally exchanged and completed 3 weeks later - I would ask the EA for an update especially if they're using their in house people

marksoton

deegsy wrote: »

My Buyers is using the estate agents mortgage broker so you would think this would bring confidence they are suitable for the mortgage.
!

:wall::wall::wall::wall::wall::wall::wall::wall::wall::wall:

McTaggus

Valuation timings will depend on the lender - mine through Halifax was booked within 7 days, however I know others with Halifax have taken up to three weeks to arrange.


I wouldn't worry too much

deegsy

Many Thanks for your advice guys, so frustrating not knowing whats happening.