% mortgage

robynlouise

When I applied for a mortgage around 6 months ago, the bank wanted a 15% deposit. Any tips/experience on how to get this down to 10%? Since then I've paid off around 4k worth of debt, is there anything else I can do to increase my chances of qualifying for a 90% mortgage?

spadoosh

Try a different bank.

Just google 90% ltv mortgages and see who offers them.

robynlouise

This is a staff rate mortgage with my employer which is too good a deal to pass up on. would rather hold out for a bit to try and qualify for a mortgage with them.

AnotherJoe

Is it a newbuild? I understand most lenders have a 15% limit on new builds.

ACG

You could have kept hold of that £4k and put it towards the deposit.

spadoosh

robynlouise wrote: »

This is a staff rate mortgage with my employer which is too good a deal to pass up on. would rather hold out for a bit to try and qualify for a mortgage with them.

If there isnt a restriction your affordability is the issue.

Earn more, spend less or save the extra 5%.

smile88egc

Can you live with parents/friends/in a house share for 6 months to cut down on your outgoings whilst you save up the last 5%?

kingstreet

For what reason were you limited to 85%?

robynlouise

They said it was because of my credit rating. i dont understand though - ive never missed payments, my affordability isnt an issue. there was an issue with my being on the electoral roll, maybe that played a part. couldnt have used that 4k as a deposit as in order to borrow what we need they said i needed to clear some debt. guess we will try again in 6 months!

Chocoboos

Not being on the electoral roll always has a negative impact which is unfortunate as you say that you never miss payments and are able to afford repayments on the mortgage, have you registered now? Do you have any family who could help you out by giving you a loan or can you pick up extra work as a sideline like Avon, Herbalife etc where you could earn a fair amount depending on sales revenue? Alternatively you could get a mortgage elsewhere on an initial 2 year fixed rate then remortgage with the staff deal (if this is open to you) once you have proved you can keep repayments up over the initial period. Suppose it depends on how soon you want to move, once I'd saved my deposit I couldn't wait!

kingstreet

robynlouise wrote: »

They said it was because of my credit rating. i dont understand though - ive never missed payments, my affordability isnt an issue. there was an issue with my being on the electoral roll, maybe that played a part. couldnt have used that 4k as a deposit as in order to borrow what we need they said i needed to clear some debt. guess we will try again in 6 months!

Your lender's internal credit score doesn't mean negative, it may mean not enough positives, such as little credit, lack of VR entry, different addresses in last three years and so on.