Mortgage broker - ask me anything

K_S

@ukri I've responded to your PM.

teleport3

K_S said:

teleport3 said:

Is it possible to get a 10% Mortage in this climate as a non first buyer?
I keep being offered 10% mortages in comparison sites, with my details, but once I. Go through to the bank mortage checker it keeps saying sorry we can only give you x amount provided I give a 15% deposit. Is my situation completely hopeless? 

@teleport3 For those looking to purchase a non-new-build house, there are a small number of 90% LTV products available for non-FTBs.

I'm not sure what you mean when you say "bank mortgage checker" but whether you will be eligible for any of the above products will depend on the whole of your circumstances.

Hi I'm trying to buy a non new build with a 10% deposit. Some websites like virgin money and halifax have an online service that checks your mortage eligibility. But virgin, tsb and halifax have came back stating that I would need a 15% deposit. 
I'm trying to get a mortage of around 117000 with a 13000 deposit. I earn £42,000.

The only things I have on my credit report is a recent credit search for a mobile phone data plan, a new mobile data plan account and a low average age of accounts. I also have a HP agreement with my car.


I also have a linked financial account with an ex that I will be closing soon. Could it be the linked financial account that is stopping my offer of a 10% mortage. 

The mortage advisors I've spoken to, a TSB one, has said I need to wait a year for my credit score to improve and she doesn't know what else I can do (I'm on the fair band) . Any advice for what it could be that I'm doing wrong :

K_S

teleport3 said:

K_S said:

teleport3 said:

Is it possible to get a 10% Mortage in this climate as a non first buyer?
I keep being offered 10% mortages in comparison sites, with my details, but once I. Go through to the bank mortage checker it keeps saying sorry we can only give you x amount provided I give a 15% deposit. Is my situation completely hopeless? 

@teleport3 For those looking to purchase a non-new-build house, there are a small number of 90% LTV products available for non-FTBs.

I'm not sure what you mean when you say "bank mortgage checker" but whether you will be eligible for any of the above products will depend on the whole of your circumstances.

Hi I'm trying to buy a non new build with a 10% deposit. Some websites like virgin money and halifax have an online service that checks your mortage eligibility. But virgin, tsb and halifax have came back stating that I would need a 15% deposit.

@teleport3 If that's the case then it's probably a no-go. If you haven't used a broker yet, I would recommend trying one who can look at the whole of your circumstances and make sure you haven't missed anything. Do make sure you tell them about the Virgin, Halifax and TSB DIPs. Good luck!

teleport3

K_S said:

teleport3 said:

K_S said:

teleport3 said:

Is it possible to get a 10% Mortage in this climate as a non first buyer?
I keep being offered 10% mortages in comparison sites, with my details, but once I. Go through to the bank mortage checker it keeps saying sorry we can only give you x amount provided I give a 15% deposit. Is my situation completely hopeless? 

@teleport3 For those looking to purchase a non-new-build house, there are a small number of 90% LTV products available for non-FTBs.

I'm not sure what you mean when you say "bank mortgage checker" but whether you will be eligible for any of the above products will depend on the whole of your circumstances.

Hi I'm trying to buy a non new build with a 10% deposit. Some websites like virgin money and halifax have an online service that checks your mortage eligibility. But virgin, tsb and halifax have came back stating that I would need a 15% deposit.

@teleport3 If that's the case then it's probably a no-go. If you haven't used a broker yet, I would recommend trying one who can look at the whole of your circumstances and make sure you haven't missed anything. Do make sure you tell them about the Virgin, Halifax and TSB DIPs. Good luck!

Thanks for your advice.

Do you think in a few months, if they begin to introduce.more and more 10% mortages that things will improve and I might be in with a chance? 

K_S

teleport3 said:

K_S said:

teleport3 said:

K_S said:

teleport3 said:

Is it possible to get a 10% Mortage in this climate as a non first buyer?
I keep being offered 10% mortages in comparison sites, with my details, but once I. Go through to the bank mortage checker it keeps saying sorry we can only give you x amount provided I give a 15% deposit. Is my situation completely hopeless? 

@teleport3 For those looking to purchase a non-new-build house, there are a small number of 90% LTV products available for non-FTBs.

I'm not sure what you mean when you say "bank mortgage checker" but whether you will be eligible for any of the above products will depend on the whole of your circumstances.

Hi I'm trying to buy a non new build with a 10% deposit. Some websites like virgin money and halifax have an online service that checks your mortage eligibility. But virgin, tsb and halifax have came back stating that I would need a 15% deposit.

@teleport3 If that's the case then it's probably a no-go. If you haven't used a broker yet, I would recommend trying one who can look at the whole of your circumstances and make sure you haven't missed anything. Do make sure you tell them about the Virgin, Halifax and TSB DIPs. Good luck!

Thanks for your advice.

Do you think in a few months, if they begin to introduce.more and more 10% mortages that things will improve and I might be in with a chance? 

@teleport3 I really couldn't say one way or the other.

If you're looking to borrow less than 3x your income (and assuming you don't have disproportionately large outgoings or debt), and Halifax, TSB and Virgin DIPs came back with potential lending at 85% LTV, then based just on that very limited information, if I had to guess I'd say it's something minor on your credit file. All the lenders you mentioned do some form of opaque automated "credit scoring" which spits out a result based on some parameters.

mowgliisaG

do UW work this period between xmas and new year???

K_S

@mowgliisaG For most lenders, yes. But as you would expect, it'll be skeleton staffing in a lot of places.

mowgliisaG

K_S said:

@mowgliisaG For most lenders, yes. But as you would expect, it'll be skeleton staffing in a lot of places.

Thanks. Yes assumed skeleton staffing, but even if they get through 10 extra applications, it’s 10 less..

Amanda65

Hi
I was widowed last year and sadly my OH fell ill just as a 10 year life insurance policy came to an end so still have a £68k mortgage which is on a variable interest rate as part of an RBS OneAccount.  I can afford to pay it from his pension pot but pensions advisor has said it would be better to keep a mortgage while I am still working and hold on to the pensions, with a view to repaying in the future if I choose to.  The mortgage is about 13% of my property value and my salary would more than cover the loan ratio amount / repayments.  I plan to work for another 10 years so that is the term I will take the mortgage out over to keep repayments lower but with a view of overpaying to pay quicker.

I am a long term Nationwide customer and a quick look at their website shows a 2 year fixed term deal available to me so my questions are please:

• am I better speaking to a broker to get a better deal
• would I get a better deal if I paid my 'overpayments; into an ISA or other savings vehicle and pay a lump sum at the end of the fixed term rather than a deal where I can make overpayments to the mortgage?
  
  TIA

teleport3

K_S said:

teleport3 said:

K_S said:

teleport3 said:

K_S said:

teleport3 said:

Is it possible to get a 10% Mortage in this climate as a non first buyer?
I keep being offered 10% mortages in comparison sites, with my details, but once I. Go through to the bank mortage checker it keeps saying sorry we can only give you x amount provided I give a 15% deposit. Is my situation completely hopeless? 

@teleport3 For those looking to purchase a non-new-build house, there are a small number of 90% LTV products available for non-FTBs.

I'm not sure what you mean when you say "bank mortgage checker" but whether you will be eligible for any of the above products will depend on the whole of your circumstances.

Hi I'm trying to buy a non new build with a 10% deposit. Some websites like virgin money and halifax have an online service that checks your mortage eligibility. But virgin, tsb and halifax have came back stating that I would need a 15% deposit.

@teleport3 If that's the case then it's probably a no-go. If you haven't used a broker yet, I would recommend trying one who can look at the whole of your circumstances and make sure you haven't missed anything. Do make sure you tell them about the Virgin, Halifax and TSB DIPs. Good luck!

Thanks for your advice.

Do you think in a few months, if they begin to introduce.more and more 10% mortages that things will improve and I might be in with a chance? 

@teleport3 I really couldn't say one way or the other.

If you're looking to borrow less than 3x your income (and assuming you don't have disproportionately large outgoings or debt), and Halifax, TSB and Virgin DIPs came back with potential lending at 85% LTV, then based just on that very limited information, if I had to guess I'd say it's something minor on your credit file. All the lenders you mentioned do some form of opaque automated "credit scoring" which spits out a result based on some parameters.

Is there anything I could do to find out what the minor thing is or fix it?