First time buyer 95 LTV

purple_ck

AdrianC said:

purple_ck said:

would this be the same if I had a mortgage offer for LTV 94% and no longer going for that property ? would I still be able to get the 94% LTV on another one (that we would be staying in long term) still saving each month too

Probably. Effectively, you're talking about acceptance in principal (AIP) - the lender are happy to lend YOU the money, but they just need to turn it into a full acceptance when you can show them the property, so they know it's good security for their money.

yeah, this was an actual mortgage offer though with hard credit checks done and had been to the underwriters, the sale was close to exchange. I've asked on the other thread too but it seems I may still be able to get 94% LTV. 

thanks 

AdrianC

purple_ck said:

AdrianC said:

purple_ck said:

would this be the same if I had a mortgage offer for LTV 94% and no longer going for that property ? would I still be able to get the 94% LTV on another one (that we would be staying in long term) still saving each month too

Probably. Effectively, you're talking about acceptance in principal (AIP) - the lender are happy to lend YOU the money, but they just need to turn it into a full acceptance when you can show them the property, so they know it's good security for their money.

yeah, this was an actual mortgage offer though with hard credit checks done and had been to the underwriters, the sale was close to exchange. I've asked on the other thread too but it seems I may still be able to get 94% LTV. 

But that actual offer would be tied to the value of that particular property as security - remember, your sol acts as the lender's sol, too, and they're the ones insisting on valuations. Change property, you go back a step and need to redo all of that to satisfy them of the new property.

Crashy_Time

You need to be lowering your offer to account for the new mortgage conditions.

purple_ck

AdrianC said:

purple_ck said:

AdrianC said:

purple_ck said:

would this be the same if I had a mortgage offer for LTV 94% and no longer going for that property ? would I still be able to get the 94% LTV on another one (that we would be staying in long term) still saving each month too

Probably. Effectively, you're talking about acceptance in principal (AIP) - the lender are happy to lend YOU the money, but they just need to turn it into a full acceptance when you can show them the property, so they know it's good security for their money.

yeah, this was an actual mortgage offer though with hard credit checks done and had been to the underwriters, the sale was close to exchange. I've asked on the other thread too but it seems I may still be able to get 94% LTV. 

But that actual offer would be tied to the value of that particular property as security - remember, your sol acts as the lender's sol, too, and they're the ones insisting on valuations. Change property, you go back a step and need to redo all of that to satisfy them of the new property.

yeah I understand that, I'm happy to do that (we have home reports) I think my question didn't come out as clear as I thought. I think I will contact the lender to find out, basically just wanted to see if we could still keep the 94% LTV if we had everything the same just a different address, values the same for deposit, value of property the same etc. 

Crashy_Time

The value of the property isn`t going to be the same?

purple_ck

Crashy_Time said:

The value of the property isn`t going to be the same?

sorry I'm not sure what you mean ? 

grumiofoundation

purple_ck said:

Crashy_Time said:

The value of the property isn`t going to be the same?

sorry I'm not sure what you mean ? 

I presume they mean how can you know the value (not the price) of the new property will be the same? 

purple_ck

grumiofoundation said:

purple_ck said:

Crashy_Time said:

The value of the property isn`t going to be the same?

sorry I'm not sure what you mean ? 

I presume they mean how can you know the value (not the price) of the new property will be the same? 

ahh okay , I was just meaning roughly the same value (thereabouts) 

bucksbloke

You'd be better off speaking with a broker, but there is not a lot about at 95% There are about 4 I saw on MoneySupermarket but when you click through they are either for SharedOwnership, Family Guarantee Mortgages or Existing Customers only. 

purple_ck

bucksbloke said:

You'd be better off speaking with a broker, but there is not a lot about at 95% There are about 4 I saw on MoneySupermarket but when you click through they are either for SharedOwnership, Family Guarantee Mortgages or Existing Customers only. 

yeah I think I will just ask the lender, they will be able to advise on whether they will still honour the deal. If not I can just wait till October when I will have enough for 10% deposit rather than 6.