MB advising need 15% deposit

scotgal30

85% may be because of the risk they see you as.

I have also been told I need a 15% deposit to obtain a mortgage if I want to get a high st lender. The broker knows best so I’m doing the 15% if you ask your broker to explain the reasoning then I’m sure that will help.

Halifax do a soft search for AIP so may be worth asking your broker to go to them with the proposed 10% deposit, that way you will gauge what they will require from you and give you a good indication of your chances in obtaining 90% LTV

MovingForwards

How much do you owe on your car, the credit cards and tv? Is it the 7k you referenced?

What other finance do you owe money on as reading through many posts on here some mortgage companies use multiples of the debt to reduce the amount they will lend you.

Carefully check through open/closed accounts on your credit files. Are any defaults or other markers listed?

Is your broker a whole marker broker or restricted ie bank broker/estate agent broker etc.

Also your score means nothing it's the content of the files that matter.

csgohan4

I'm more worried your broker is referring to you credit score which means nothing to lenders

rachael88

Have you checked all your credit files? I've had a nightmare with wrong information on my call credit report, getting it sorted but if I couldn't my mb said it would mean i'd need a 15% deposit. The account with the mistake only shows up on the call credit report.

Live84

Total CC are £7000, Tv has hardly any left and the car is £300 a month with about 18 months left so £5400.

My MB is whole of market and a pretty good one too I have found doing research. I’ve opened a CC and Tv finance in the last 6 months which show as a negative on my credit report so probably why he is advising the 15%. It’s not like I can’t afford it or have missed payments, my outlays are about £700pcm with about £2,250 remaining. Credit score reasonably good with no defaults. Long term employment with no dependents.
Thanks for all the replies.