10% deposit mortgage products?

jamesm5094

Does anyone know of lenders who still are doing 10% deposit/90% LTV mortgages and do you have to go direct?

also can brokers currently get 90% LTV mortgages through HSBC or is it direct only? 

My current broker submitted application to HSBC middle of May, 22nd May valuation was done, a week later they requested answers to questions as my partner is self employed. June 8th HSBC declined my mortgage due to thinking my partners business had ceased completely so they would only take my pay and I can’t lend enough on my own. 

I contact MA and he said that HSBC had pulled the product we had applied for so now he needs to wait for another product to become available to re-submit and appeal the original application. It’s now been a moNth and all he says is no news and still waiting for a product! 

Don’t know what to do! Have spoken to HSBC and have got a DIP and a call from advisor tomorrow but don’t know if to try an application directly or not? 

jamielutz1987

@jamesm5094

Given that your partner hasn't traded recently, I think you will struggle to get this through. One of the brokers posted that they tried a hairdresser through HSBC and they weren't ready to consider it without having 3 months bank statements showing income at pre-covid levels. They wont use maternity allowance as income either.

Besides any application/valuation costs and a hard check, there is no downside to trying a direct application I suppose, given that you don't have any other options.

Do feed back on how the appointment goes tomorrow.

csgohan4

s_hashemi19 said:

Have you tried looking at REACTED? They've managed to help individuals get mortgages with them with just 5% deposit. They're very similar to the help to buy and have their own listing of brokers to help people land mortgages with. They're worth having a look. 

OP please ignore spam poster

Suggest getting a different broker or get other options from your current broker