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Opinion from a broker
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Chicane1992
Posts: 25 Forumite
Hi,
I've been on the forum for ages but haven't ever signed up, me and partner got a AIP through a broker from a well known BS last week. We had a hard check done (might give an indication who it was from) which went to the underwriters first. On to my query, my broker has got us the AIP with a 95% LTV. The AIP is valid for 60 days. However when I went onto the intermediaries page there is no notice of 95 LTV and on the customer page says you need a 10% percent deposit. Also it says the AIP is valid for 28 days only. Can brokers gain higher LTV with non standard means? I don't want to go to my broker as I think it could come across as un trusting and insulting. I'm just nervous as we are FTB and don't want anything to go wrong. Sorry if its a stupid query. Please don't bite :beer:
I've been on the forum for ages but haven't ever signed up, me and partner got a AIP through a broker from a well known BS last week. We had a hard check done (might give an indication who it was from) which went to the underwriters first. On to my query, my broker has got us the AIP with a 95% LTV. The AIP is valid for 60 days. However when I went onto the intermediaries page there is no notice of 95 LTV and on the customer page says you need a 10% percent deposit. Also it says the AIP is valid for 28 days only. Can brokers gain higher LTV with non standard means? I don't want to go to my broker as I think it could come across as un trusting and insulting. I'm just nervous as we are FTB and don't want anything to go wrong. Sorry if its a stupid query. Please don't bite :beer:
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Comments
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Personally, if I was paying a broker for work, I wouldn't think twice about asking for clarity.
S/He's, supposed to be the expert after all, if not, do you really want to use the broker?Space available for rent0 -
Your picking up the bill, clarify, otherwise you will have no comeback when you sign the mortgage offer.
I hope you didn't get the broker from an estate agent."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Broker is independent, full market except HSBC. Has carried out everything great so far, great communication. I just don't want to offend or insult anyone. Just after and opinion really to put my mind at rest. Obviously if no one can do that here ill message my broker tomorrow.0
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You need to name the lender, otherwise we have no chance of being able to answer accurately.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Yorkshire BS?Chicane1992 wrote: »Broker is independent, full market except HSBC. Has carried out everything great so far, great communication. I just don't want to offend or insult anyone. Just after and opinion really to put my mind at rest. Obviously if no one can do that here ill message my broker tomorrow.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Sorry its coventry BS. I just noticed they have a table which says 95 ltv and over is 250k max borrow. However no standard products go over 90 LTV.0
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I'm getting nothing from Coventry or Godiva on 95% on Mortgage Brain, but I am a newbuild specialist and would normally avoid Coventry for that reason.
Others may have better opinions...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you. Its confusing why they mention 95 ltv but no products are available on the site.0
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This is one you really need to speak to your Broker about.
Whilst the Coventry criteria is 95% LTV up to £250,000 for First Time Buyers that does not mean that at any one time the Lender is offering products at 95% LTV. Currently is appears that CBS are not offering anything above 90%.
(Lenders have limits on how much higher loan to value lending they carry, so that have to regulate volumes by holding back product on occasion)I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Ok thank you. Ill message them next week0
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