Shocked by mortgage appointment - is this right?!

silvercup

bradders1983 said:

A 10% desposit? Are you sure you can even get a mortgage with Barclays only a 10% deposit? I am currently remortgaging with them and all the rates on their card were for 15% deposit or higher,  no idea if this has changed the last week or so though. 

I've done the online calculator tonight which said with a 15K deposit we could borrow 135K for 150K property 

[Deleted User]

Barclays 10% is only for springboard mortgages.  This is when a friend or relative puts 10% of the purchase price in to a barclays savings account for 5 years.

They aren't doing normal 10% deals at the moment

You could always give your deposit to mum and have her put it in the savings account if you wanted to find a way to make that work

bradders1983

silvercup said:

bradders1983 said:

A 10% desposit? Are you sure you can even get a mortgage with Barclays only a 10% deposit? I am currently remortgaging with them and all the rates on their card were for 15% deposit or higher,  no idea if this has changed the last week or so though. 

I've done the online calculator tonight which said with a 15K deposit we could borrow 135K for 150K property 

Of course this assumes they actually have 10% products available.  The calculator may not have been updated to reflect this. As already said, 10% deposit mortgages at the moment are a bit thin on the ground. OP, can you clarify that Barclays have actually told you that you can have a 90% mortgage in the last few weeks? A lot has changed since March.

silvercup

bradders1983 said:

silvercup said:

bradders1983 said:

A 10% desposit? Are you sure you can even get a mortgage with Barclays only a 10% deposit? I am currently remortgaging with them and all the rates on their card were for 15% deposit or higher,  no idea if this has changed the last week or so though. 

I've done the online calculator tonight which said with a 15K deposit we could borrow 135K for 150K property 

Of course this assumes they actually have 10% products available.  The calculator may not have been updated to reflect this. As already said, 10% deposit mortgages at the moment are a bit thin on the ground. OP, can you clarify that Barclays have actually told you that you can have a 90% mortgage in the last few weeks? A lot has changed since March.

I've not spoken to Barclays, as I said I just did an online calculator today as was pretty shocked at being told we could only borrow 70K.

silvercup

Deleted_User said:

Barclays 10% is only for springboard mortgages.  This is when a friend or relative puts 10% of the purchase price in to a barclays savings account for 5 years.

They aren't doing normal 10% deals at the moment

You could always give your deposit to mum and have her put it in the savings account if you wanted to find a way to make that work

Thank you, that could be something to look into

bradders1983

silvercup said:

Deleted_User said:

Barclays 10% is only for springboard mortgages.  This is when a friend or relative puts 10% of the purchase price in to a barclays savings account for 5 years.

They aren't doing normal 10% deals at the moment

You could always give your deposit to mum and have her put it in the savings account if you wanted to find a way to make that work

Thank you, that could be something to look into

Looking at their website it looks like this is in essence an 100% mortgage and the payments will reflect this: the 10% "deposit" is returned to the family member after 5 years with interest. But given they arent prepared to lend you anywhere near the amount you need anyway perhaps its a non starter.

I would seek an independent broker out. To be perfectly blunt, your deposit is now far too small to have a wide choice of rates and lenders. 

silvercup

bradders1983 said:

silvercup said:

Deleted_User said:

Barclays 10% is only for springboard mortgages.  This is when a friend or relative puts 10% of the purchase price in to a barclays savings account for 5 years.

They aren't doing normal 10% deals at the moment

You could always give your deposit to mum and have her put it in the savings account if you wanted to find a way to make that work

Thank you, that could be something to look into

Looking at their website it looks like this is in essence an 100% mortgage and the payments will reflect this: the 10% "deposit" is returned to the family member after 5 years with interest. But given they arent prepared to lend you anywhere near the amount you need anyway perhaps its a non starter.

I would seek an independent broker out. To be perfectly blunt, your deposit is now far too small to have a wide choice of rates and lenders. 

We never expected a wide choice of rates or lenders post lockdown, this is about a 10% loss in income taking us from 159K to 70K and just trying to clarify if that's genuinely the case. 

bradders1983

That does seem odd but have you only asked one lender?  

I am only mentioning the 90% products mainly vanishing in case you werent aware of this, and its another problem now to chuck into the mix.

se2020

I wonder if the best they are offering is 20% deposit. Hence your 15k will only let you borrow 70k?

bradders1983

se2020 said:

I wonder if the best they are offering is 20% deposit. Hence your 15k will only let you borrow 70k?

No, they are offering the 90% "Springboard" to FTBs. Plus they are certainly offering 85% mortgages. I have evidence of that in the mortgage offer from Barclays I got in the post today 😉