95% ltv

vaani114411

Exactly my point. I have saved money as my deposit but banks are looking to fund me only 75% because I am on spouse visa and don’t have a indefinite leave to remain. I am able to rent and I am paying pretty high on it. I am been offered shared ownership, help to buy equity, etc but I find them too risky considering the falling prices in London. Buying a pre owned property is now what interests me. But as I am FTB not sure if I speak to broker or similar people, would it worth the effort?

elliemet23

I would definitely recommend speaking to mortgage broker, they have access to deals that you wouldn't be able to get from a high street bank... Just like we got... We are on a fixed term variable on a lower interest rate for those 2 years as we are new customers... We never would have got that going into a bank!
Have a ring around local Mortgage Brokers and find someone you trust (or ask any friends and see who they used and would recommend). They will help you massively!

xxxx

vaani114411

Apparently the lenders need a letter from my employer stating that my employer intends to apply or have applied for my visa once my term has expired even if I am on a dependent visa and my husband is going to look after my visa applications.

Out,_Vile_Jelly

vaani114411 wrote: »

I am on spouse visa and don’t have a indefinite leave to remain.

Every mortgage deal is a risk to the lender. This makes you a larger risk, hence the lower loan.

Don't wish to be rude; you may have a reputable job but I doubt it's an especially well paid one as your written English is quite poor. Improving this could lead to a better paid job and a good chance of obtaining ILTR.

JohnnyZee

If I were you, I would go to a broker. I know of people who have had work visas and got approved with mortgages (Halifax). Although I am not sure they were on 95% LTV.

If you can, try to increase your deposit to at least 10%. That will make available to you a lot more mortgage providers. Do you have any family that can help you out?

I know people are talking about falling prices in London. But from what I understand from the post, you are on the Metropolitan line (perhaps in NW London?). The outer zones of London are less impacted by the price fluctuations compared to Central London.

Also have a look at the mortgages thread. There are some posts about work visas and mortgage providers.

All the best.

chappers

Out,_Vile_Jelly wrote: »

Don't wish to be rude; you may have a reputable job but I doubt it's an especially well paid one as your written English is quite poor. Improving this could lead to a better paid job and a good chance of obtaining ILTR.

Don't you believe it, I have no idea what this lady does, but I have a friend whose wife is Indian, her written English is worse and she is a doctor.

Candyapple

OP what price property were you looking at?

How much deposit do you and your partner have saved up?

vaani114411

About my English, I am an Accountant and employed by Big4 accountancy and paid well. I make typing errors not because I want to do it deliberately but I just don’t see I am writing anything formal to anyone. So I can’t be bothered.

vaani114411

I am looking at a property in Ruislip and have enough to cover for 10% but deliberately want to go for a 95% LTV as I think I need to get the refurbishment done in kitchen and bathroom before I move in the flat. So I thought I might just get an idea from people here.

shaunhouse

I agree 95% LTV at the moment is a stupid thing to do.