Lloyds Bank mortgage

joanne95

I've been trying to find the lending criteria for Lloyds Bank mortgages but I can't find anything. Does anyone know if there is such a thing? Thanks.

Thrugelmir

Do you have a particular question that you are trying to find the answer to?

joanne95

Thrugelmir wrote: »

Do you have a particular question that you are trying to find the answer to?

I wanted to find out if they would lend to someone on a probationary period in a permanent job. Our last mortgage was with them so wanted to see what they would offer.

Edi81

They aren!!!8217;t the most competitive and loyalty doesn!!!8217;t mean much these days.
Why not use a broker?

masisu

Edi ..actually they cover solicitors cost(or they provide a free one) if you're their customer and get mortgage through them- which is quite a lot of money. Plus saves you the hassle of finding a broker and then a solicitor(and qeueing up on both of them).
I've read quite a few threads regarding this subject, and I feel there is strong push with "go to broker" on most of the threads. Is it my understanding correct that many of you are brokers?

thermal2844

Halifax will, we just got one before the job has even started, 6 month probation period, permanent contract. Also, Halifax are currently offering £1,000 cash back, paid to your solicitor at completion.

Another way to tell is start their AIP form and see what it says re: employment. You dont need to complete it (to avoid a credit search footprint, although I believe Lloyds does a soft check).

that

joanne95 wrote: »

I've been trying to find the lending criteria for Lloyds Bank mortgages but I can't find anything. Does anyone know if there is such a thing? Thanks.

Not specific Lloyds but, It is about your ability to pay it back vs the odds stacked against you not being able to pay it back, plus there has to be enough in it for them to make a worthwhile profit.

it is about how much you earn, but there are other factors that score against you:
Age
Profession
Contractor or permie, length of service/work history
amount of current debt
credit history/score
bank statements
Over 50-ish - often bad news even with well paying job and a 90% deposit?
health status and history, some even do genetic testing to check if you are predisposed to certain things
smoker/drinker
married/single
ccj's
criminal record
A mortgage not less than 10-15 years
large enough deposit

People tend to see things according to their own situation. To me Lloyds seems expensive, about 0.3% or more than some others. The houses here in outer London go for around £700k, so for every 1k loan it is 300 interest which is about 2k1 a year for two years. Solicitors fees and mortgage arrangement will possibly be just under this. If I was living in a 100k area, then that .3% extra would be far cheaper than solicitors and/or free arrangement fees so would make Lloyds a better deal

http://www.dailymail.co.uk/news/article-3784421/Stranger-s-40-parking-ticket-cost-family-new-home.html