New mortgage deposit

Natsplus

How to find the best deal for mortgage rates? Is it a good idea to go with just your EA's recommendation? 
We will need 90% mortgage as dont have enough deposit for 85% which according to the EA is required now by most banks. Is that the case?
Thanks

Slithery

Use a broker, don't rely on the EA's 'advisor'.

ThePants999

It is true that 90% mortgages are quite hard to find at the moment.

emfen1305

We are also looking for a 90% - our broker isn't giving much away but he knows our circumstances and is still proceeding with all of the research and has put us in touch with a solicitor so hoping that is positive...

Socajam

Nationwide triples minimum deposit for UK first-time buyers

Mortgage lender sets 15% level to help protect customers from negative equity

I think this is going to be the norm

Natsplus

Shall we just give up hope of getting anything at 90% in the current market, wait it out a few months or try anyway?
As putting our house on the market and if we get a sale, it will become a tricky situation.

DCFC79

Natsplus said:

Shall we just give up hope of getting anything at 90% in the current market, wait it out a few months or try anyway?
As putting our house on the market and if we get a sale, it will become a tricky situation.

Not going to do any harm and speak to a broker.

Lancs1234

Natsplus said:

Shall we just give up hope of getting anything at 90% in the current market, wait it out a few months or try anyway?
As putting our house on the market and if we get a sale, it will become a tricky situation.

I did see on another thread accord are bringing back their 90% mortgages, they are broker only and these new ones don't have the best rates but if one is there must be more...

Douve87

Socajam said:

Nationwide triples minimum deposit for UK first-time buyers

Mortgage lender sets 15% level to help protect customers from negative equity

I think this is going to be the norm

I agree that i think this will be the new norm but it is rubbish that it is to protect customers. Putting a bigger deposit down doesn't protect the customer but the lender as they have first charge on the property so there is more wriggle room to ensure they get their money back if property prices drop. I understand why banks are doing it but it annoys me when they claim its for the customers protection just be honest. A prudent bank is not a bad thing.

AdrianC

Douve87 said:
Putting a bigger deposit down doesn't protect the customer but the lender as they have first charge on the property so there is more wriggle room to ensure they get their money back if property prices drop.

Umm, I think you're forgetting that any shortfall is still a debt for the borrower.

You can't just walk away from a place in negative equity and wash your hands of that debt.

Calamityjen

I secured a mortgage with HSBC on a fixed rate of 2.04% on 3rd June and I am using a 10% deposit, I went with a mortgage broker however but I think you should be able to go to HSBC direct.  I am a first time buyer and had an IVA in 2012, i had very little hope of ever getting a mortgage, but I worked hard and am hopefully going to be a first time buyer. Best of luck