90% LTV Mortgage

Andy499

Hi all,
Ive been told that banks are not offering 90% LTV mortgages at the moment, is this true?
Im not looking to get this myself, but I am selling a house and its slow, very slow, my estate agent says this is the reason for it at the moment, is this true or am i being lied to?

Fighter1986

An estate agent won't know at any point in time what each and every bank and building society is offering, so they really shouldn't be saying things like this.

90% LTV mortgages to still exist, however I'd expect lenders and underwriters to be very, very cautious about assessing any lending above 85% LTV just now. Nationwide for example state that borrowers asking for more than 85% can't apply online and must call up.

The mortgages are there, but they're assessed more stringently just now. All borrowing will be. 

Given the current circumstances I'd expect slow movement on the housing market for a while yet. Even when lockdown is fully lifted millions of people will have a period of regaining financial stability / solvency. 

Clive_Woody

Andy499 said:

Hi all,
Ive been told that banks are not offering 90% LTV mortgages at the moment, is this true?
Im not looking to get this myself, but I am selling a house and its slow, very slow, my estate agent says this is the reason for it at the moment, is this true or am i being lied to?

Is the same estate agent using this as an excuse to push you to drop your house price?

mcpitman

90% LTV products are still in the market currently.

Your EA needs to stand up so you can hear what they are saying clearly.

Andy499

Clive_Woody said:

Andy499 said:

Hi all,
Ive been told that banks are not offering 90% LTV mortgages at the moment, is this true?
Im not looking to get this myself, but I am selling a house and its slow, very slow, my estate agent says this is the reason for it at the moment, is this true or am i being lied to?

Is the same estate agent using this as an excuse to push you to drop your house price?

Not really, theyve said if I want a quicker sale to do this, but we are on at slightly over market value, but the estate agent have actually advised to wait and leave the price where it is.

Andy499

mcpitman said:

90% LTV products are still in the market currently.

Your EA needs to stand up so you can hear what they are saying clearly.

Called them again recently, they said they are available but hard to get accepted for at the moment, is that true?

mcpitman

Called who? Your EA?

YBS, HSBC and Nationwide , Lloyds and TSB all have them available, some available at 95% LTV too.

Hard to get accepted for? Open for debate - many people are only earning 80% of what they did a few months ago, so the loan amounts may not be enough or temporarily lowered.

However if there is no impact on earnings and they wouldn't have been a borderline case pre-covid, they are pretty available.

So not as easy (temporarily) for much of the population to borrow what they want from the banks and the ones that can will beat you down on price. What a time to be alive!

Fighter1986

Andy499 said:

mcpitman said:

90% LTV products are still in the market currently.

Your EA needs to stand up so you can hear what they are saying clearly.

Called them again recently, they said they are available but hard to get accepted for at the moment, is that true?

Fighter1986 said:

90% LTV mortgages to still exist, however I'd expect lenders and underwriters to be very, very cautious about assessing any lending above 85% LTV just now. Nationwide for example state that borrowers asking for more than 85% can't apply online and must call up.

The mortgages are there, but they're assessed more stringently just now. All borrowing will be. 

Given the current circumstances I'd expect slow movement on the housing market for a while yet. Even when lockdown is fully lifted millions of people will have a period of regaining financial stability / solvency. 

jazzyja

my mortgage advisor told me last week theres plenty of 90% LTV but 5% I will probably struggle. For now. I dont have my full deposit yet. But I would, as a house buyer, personally wait anyway. Just to see how the house prices go in a the coming months/year. 

markt89

Been on with L and C trying to remortgage at 90% and he told us that nearly every product is getting pulled its advertised then pulled he had over 300 clients trying to move to HSBC in one day and they pulled the rate after 2 hours and moved the goalposts again . The banks are so frightened because of the amount of payment breaks ongoing in fact Halifax the biggest lender has pulled all mortgages over 60% LTV so first time buyers are going to need 40% this is just crazy and isn’t been publicised enough !! Even on here 
https://www.moneywise.co.uk/news/2020-04-02/lenders-are-pulling-out-mortgage-market-what-does-it-mean-you

[Deleted User]

My eldest works for Virgin who are still doing 90% mortgages.