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First time buyers with a default, 90% LTV?
shangri_la1
Posts: 3 Newbie
Hi everyone I am just after some advice.
Before lock down we had a DIP from Halifax for 95% LTV, and had an offer accepted on a property a few days before lock down. The 95% product got pulled before a full application was made so we were unable to proceed with the purchase. Our DIP ran out on the end of March.
We are now starting the process again, however because of the current situation, we're struggling (like a lot of people) to find anything.
Both myself and partner have secure jobs (combined income of just over £50k per year) and a deposit of £20k. Credit files from Equifax are showing as Excellent and his Good and the only debt we have is a credit card with about £500 outstanding and a car on Hire Purchase for £200 a month. The issue that we are facing is that my partner has a default on his account for £1.5k, (ironically with Halifax) from Sept 2017 this has been fully settled by Oct 2018.
Have we got any hope of find a 90% ltv mortgage at the moment? Or is it a case of changing our plan and waiting it out?
TYIA!!
Before lock down we had a DIP from Halifax for 95% LTV, and had an offer accepted on a property a few days before lock down. The 95% product got pulled before a full application was made so we were unable to proceed with the purchase. Our DIP ran out on the end of March.
We are now starting the process again, however because of the current situation, we're struggling (like a lot of people) to find anything.
Both myself and partner have secure jobs (combined income of just over £50k per year) and a deposit of £20k. Credit files from Equifax are showing as Excellent and his Good and the only debt we have is a credit card with about £500 outstanding and a car on Hire Purchase for £200 a month. The issue that we are facing is that my partner has a default on his account for £1.5k, (ironically with Halifax) from Sept 2017 this has been fully settled by Oct 2018.
Have we got any hope of find a 90% ltv mortgage at the moment? Or is it a case of changing our plan and waiting it out?
TYIA!!
0
Comments
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90% mortgages are scarce, full stop. The default may make it impossible at this time. Get broker support.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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At 90% at the moment you will struggle - the criteria is strict as they are scarce
Is there any way of getting to 15%?0
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