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90% LTV during Covid

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  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    https://www.theguardian.com/business/live/2020/jun/29/markets-nervous-covid-19-cases-news-uk-mortgages-facebook-shares-business-live?page=with:block-5ef9a72d8f08b429949262a2
    Getting more picky maybe?
  • LittleNinja
    LittleNinja Posts: 34 Forumite
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    MysteryMe said:
    I would not make offers until you know what sort of mortgages are on offer.  You are only a credible buyer if you can proceed. It should not be a case of you being able to " get something" you want to be able to get a mortgage that best suits your needs. It's a major commitment so you need to consider all options.  Hopefully you wont have to wait too long. 
    Thanks for your advice. I'm getting some concerns about what our broker has been telling us! We were shown the best deal for us a month-ish ago and he would wait to produce the AIP as better rates were coming up all the time. He encouraged us to offer whilst he got our AIP sorted 
  • GDB2222
    GDB2222 Posts: 24,677 Forumite
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    Are you paying the broker a fee?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • LittleNinja
    LittleNinja Posts: 34 Forumite
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    GDB2222 said:
    Are you paying the broker a fee?
    No - we pay after the mortgage offer is in.... so I guess it in his interests to try and make this work 
  • GDB2222
    GDB2222 Posts: 24,677 Forumite
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    LittleNinja said:
    GDB2222 said:
    Are you paying the broker a fee?
    No - we pay after the mortgage offer is in.... so I guess it in his interests to try and make this work 
    Plus it's worth his while to try to hang on to you as clients by making promises ... Anyway, you'll know in the next few days. I read in the news that there's plenty of mortgage money around, looking for a safe home.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    GDB2222 said:
    LittleNinja said:
    GDB2222 said:
    Are you paying the broker a fee?
    No - we pay after the mortgage offer is in.... so I guess it in his interests to try and make this work 
    Plus it's worth his while to try to hang on to you as clients by making promises ... Anyway, you'll know in the next few days. I read in the news that there's plenty of mortgage money around, looking for a safe home.
    Yes, that means much bigger deposits though.
  • Facknats
    Facknats Posts: 64 Forumite
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    Hey, we have been looking at similar.
    Beyond HSBC & FirstDirect (owned by HSBC) there have not been very competitive rates for 90% LTV.. most lenders either charging a premium or pulled those products entirely.

    This has meant HSBC were overwhelmed with applications. They have placed a limit on how many they can accept from brokers. I think FD are a bit picky too.

    It sounds like your broker either thinks you don't fit the lender's criteria or don't think they can get you an application in. Unless you have any other iffy circumstances (furlough, self employment, credit blips) try applying directly for HSBC AIP, which is a soft search. We eventually had to book a telephone application as the online portal couldn't handle our application either.


  • LittleNinja
    LittleNinja Posts: 34 Forumite
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    Facknats said:
    Hey, we have been looking at similar.
    Beyond HSBC & FirstDirect (owned by HSBC) there have not been very competitive rates for 90% LTV.. most lenders either charging a premium or pulled those products entirely.

    This has meant HSBC were overwhelmed with applications. They have placed a limit on how many they can accept from brokers. I think FD are a bit picky too.

    It sounds like your broker either thinks you don't fit the lender's criteria or don't think they can get you an application in. Unless you have any other iffy circumstances (furlough, self employment, credit blips) try applying directly for HSBC AIP, which is a soft search. We eventually had to book a telephone application as the online portal couldn't handle our application either.


    Thanks for this - my partner are going to try for HSBC directly tomorrow if the broker cannot come up with anything.
  • Sammyd159
    Sammyd159 Posts: 55 Forumite
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    haras_n0sirrah said:
    There are lenders doing 90% - I booked two of them this week
    Ooh can you tell me which ones please?  I sell new builds, would be useful to know.  Are the rates competitive?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Sammyd159 said:
    haras_n0sirrah said:
    There are lenders doing 90% - I booked two of them this week
    Ooh can you tell me which ones please?  I sell new builds, would be useful to know.  Are the rates competitive?
    Unlikely now IMO, could be wrong though.
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