mortgage in principle

neelxxshb

hello everyone
I had two AIP done - one was with Barclays who I bank with and they gave me an AIP of 288000 with a 90% mortgage as I have a deposit of 30000 BUT the online website trussle.com have me an AIP of 314000 with a 95% mortgage. Has anyone used or known of anyone use trussle.com?
the issue is that I have 30000 kept aside but that would include the stamp duty too. The property I like is for 320000 - if I go with Barclays then I wont get it but if I go with trussle.com then then chances are positive, depends on credit checks.
what should I do? are 95% mortgages widely available for first time buyers?
now also I have a interest free credit card with a credit limit of £10000 - can I do a bank money transfer from it and get money for stamp duty that way? or would that affect my credit rating for getting a mortgage?
thanks

Andyjflet

You will pay a higher interest rate on your mortgage at the 95% rate than if you had more deposit so look carefully at the actual costs overall. Might be the difference between a 1.9% and 3.5% rate

If you use your credit card that debt will be taken into consideration when lending money as well as any other outgoings or debts. This will come off the amount you can borrow in simple terms.

csgohan4

why not engage a good broker to match your circumstances to the correct product, rather than applying for multiple DIP's which actually affect your credit file negatively.

That is not an insignificant amount of debt and will affect your affordability.

supermoneykid85

I've used Trussle, they don't provide the mortgages themselves, they are an independent mortgage broker, so they will help find you the best mortgage based on the amount you need to borrow. The mortgage in principle I got from them was pretty accurate. You can get 95% mortgages but like Andy said I think the rates are a bit higher.

Oh and they don't do any credit checks for their mortgage in principle.

amnblog

supermoneykid85 wrote: »

Oh and they don't do any credit checks for their mortgage in principle.

Therefore: it is not a mortgage in principle - it's a guide of what might be available

neelxxshb

thanks a lot for your reply I am seeing a mortgage broker tomorrow afternoon so will dish everything out on the table but I don't want to do another AIP with her as it would affect my credit score but will discuss everything further.
By the way - since I am a first time buyer and buying a property in Croydon, which Is London limit of £450000 for help to buy - can I not apply for help to buy for a second hand property? It doesn't necessarily have to be a new built right?