Struggling for 90% mortgage

Toni.mc94

Hi 
we are both FTB and have been outbid on 4 houses since the property market opened back up following lockdown. We finally had an offer accepted on a house which we love but we are massively struggling to get a 90% LTV mortgage. I first instructed a broker who told me he would definitely be able to get me a mortgage, he applied me for HSBC (we can’t use nationwide as we have a part gifted deposit) and told me we failed their internal check. I am unsure why we failed the criteria (I had PDL 3 years ago but told this wouldn’t be an issue) and now he has told us there is no one we can get a mortgage off. What is the next steps we can take do we wait it out a few weeks to see if more come on the market ? Saving for 15% would take us too long and we would most likely lose the house which we don’t want as they’re going up and up in our area. Feel at a loss and so disheartened we’ve finally got to this point and now we’re at a brick wall. What options do we have left ? Thanks in advance 

MovingForwards

Speak with another broker to obtain a second opinion?

Aside from the PDLs are there any other credit blips showing on your credit reports?
Have you checked all credit reports as not all lenders report to all CRAs.

ElizabethRose

You need to try and find out why you failed for example if it's your credit report or affordability. I'd try and push the brokers a bit more and as @MovingForwards says look at all the CRAs to see what they say. 

Toni.mc94

MovingForwards said:

Speak with another broker to obtain a second opinion?

Aside from the PDLs are there any other credit blips showing on your credit reports?
Have you checked all credit reports as not all lenders report to all CRAs.

Not that I know of, we have no debt as I’ve paid all mine off, my boyfriend has never had credit could it be that? 

Toni.mc94

ElizabethRose said:

You need to try and find out why you failed for example if it's your credit report or affordability. I'd try and push the brokers a bit more and as @MovingForwards says look at all the CRAs to see what they say. 

Thanks, not sure if it would be affordability we make a combined wage of £55k and the mortgage we were requesting was £193k ? 

The broker had a follow up call with HSBC to query it and they apparently said everything looked fine but it was just an automated criteria and he thinks it may be because our deposit we had a 10k gift from boyfriends nan 

MovingForwards

Please note – a family member is considered to be close relation defined as a spouse, domestic partner, grandparent, parent, sibling, half sibling, aunt, uncle, cousin, in law relation or step relation.

That's taken from their lending criteria, so your current broker is guessing without knowing what's acceptable.

Find another broker, there are several who post on MSE, you can approach them, they cannot message you first.

Toni.mc94

MovingForwards said:

Please note – a family member is considered to be close relation defined as a spouse, domestic partner, grandparent, parent, sibling, half sibling, aunt, uncle, cousin, in law relation or step relation.

That's taken from their lending criteria, so your current broker is guessing without knowing what's acceptable.

Find another broker, there are several who post on MSE, you can approach them, they cannot message you first.

Thanks just approached l&c brokers to see if there’s anything they can do ! Thank you for taking the time to comment I really appreciate all the advice 

MovingForwards

Toni.mc94 said:

MovingForwards said:

Please note – a family member is considered to be close relation defined as a spouse, domestic partner, grandparent, parent, sibling, half sibling, aunt, uncle, cousin, in law relation or step relation.

That's taken from their lending criteria, so your current broker is guessing without knowing what's acceptable.

Find another broker, there are several who post on MSE, you can approach them, they cannot message you first.

Thanks just approached l&c brokers to see if there’s anything they can do ! Thank you for taking the time to comment I really appreciate all the advice 

Not L&C, they only like simple cases eg perfect credit history, deposit saved not gifted etc.

Try approaching @haras_n0sirrah to see what she says

tweeto

Toni.mc94 said:

Hi 
we are both FTB and have been outbid on 4 houses since the property market opened back up following lockdown. We finally had an offer accepted on a house which we love but we are massively struggling to get a 90% LTV mortgage. I first instructed a broker who told me he would definitely be able to get me a mortgage, he applied me for HSBC (we can’t use nationwide as we have a part gifted deposit) and told me we failed their internal check. I am unsure why we failed the criteria (I had PDL 3 years ago but told this wouldn’t be an issue) and now he has told us there is no one we can get a mortgage off. What is the next steps we can take do we wait it out a few weeks to see if more come on the market ? Saving for 15% would take us too long and we would most likely lose the house which we don’t want as they’re going up and up in our area. Feel at a loss and so disheartened we’ve finally got to this point and now we’re at a brick wall. What options do we have left ? Thanks in advance 

Virgin money have just brought back 90 LTV mortgages today for FTB's. Might be worth looking at their criteria to see if it applies to you?

lspell1

tweeto said:

Toni.mc94 said:

Hi 
we are both FTB and have been outbid on 4 houses since the property market opened back up following lockdown. We finally had an offer accepted on a house which we love but we are massively struggling to get a 90% LTV mortgage. I first instructed a broker who told me he would definitely be able to get me a mortgage, he applied me for HSBC (we can’t use nationwide as we have a part gifted deposit) and told me we failed their internal check. I am unsure why we failed the criteria (I had PDL 3 years ago but told this wouldn’t be an issue) and now he has told us there is no one we can get a mortgage off. What is the next steps we can take do we wait it out a few weeks to see if more come on the market ? Saving for 15% would take us too long and we would most likely lose the house which we don’t want as they’re going up and up in our area. Feel at a loss and so disheartened we’ve finally got to this point and now we’re at a brick wall. What options do we have left ? Thanks in advance 

Virgin money have just brought back 90 LTV mortgages today for FTB's. Might be worth looking at their criteria to see if it applies to you?

Only if you're happy to be tied into the same Mortgage for the next 7-10 years or pay ERC's to come out of it.

tweeto

lspell1 said:

tweeto said:

Toni.mc94 said:

Hi 
we are both FTB and have been outbid on 4 houses since the property market opened back up following lockdown. We finally had an offer accepted on a house which we love but we are massively struggling to get a 90% LTV mortgage. I first instructed a broker who told me he would definitely be able to get me a mortgage, he applied me for HSBC (we can’t use nationwide as we have a part gifted deposit) and told me we failed their internal check. I am unsure why we failed the criteria (I had PDL 3 years ago but told this wouldn’t be an issue) and now he has told us there is no one we can get a mortgage off. What is the next steps we can take do we wait it out a few weeks to see if more come on the market ? Saving for 15% would take us too long and we would most likely lose the house which we don’t want as they’re going up and up in our area. Feel at a loss and so disheartened we’ve finally got to this point and now we’re at a brick wall. What options do we have left ? Thanks in advance 

Virgin money have just brought back 90 LTV mortgages today for FTB's. Might be worth looking at their criteria to see if it applies to you?

Only if you're happy to be tied into the same Mortgage for the next 7-10 years or pay ERC's to come out of it.

Yeah, of course. It will appeal to some people though, but personally not me. I need more flexibility than that.