Mortgage broker - ask me anything

sammyj84

Hello 
Do you know of any lenders that will accept a maisonette with Deck/balcony access? 

We are first time buyers in Birmingham trying to by our council home, value is £110,000 purchase price £41,800.

K_S

sammyj84 said:

Hello 
Do you know of any lenders that will accept a maisonette with Deck/balcony access? 
We are first time buyers in Birmingham trying to by our council home, value is £110,000 purchase price £41,800.

@sammyj84 There are lenders who will consider RTB purchases of council-freeholder maisonettes with deck access. What is the LTV you are looking for? And are you looking to capital raise as well? And I'm assuming your S125 says a market value of £110k

If you are looking to borrow the £41,800, the LTV is 38%

If you are looking to borrow the £41,800 purhcase price + £47k capital raise for home improvements, the LTV is 80%

Both cases are entirely different. Which is it that you are looking to do?

adamditz

Completely random question for my curiosity more than anything else - once exchanged, who does the solicitor progress the mortgage with and order the funds? Is it the broker the solicitor goes to or the lender themselves?

Sorry to waste time with a curiosity question! Cheers

K_S

adamditz said:

Completely random question for my curiosity more than anything else - once exchanged, who does the solicitor progress the mortgage with and order the funds? Is it the broker the solicitor goes to or the lender themselves?

Sorry to waste time with a curiosity question! Cheers

@adamditz The lender  

sammyj84

K_S said:

sammyj84 said:

Hello 
Do you know of any lenders that will accept a maisonette with Deck/balcony access? 
We are first time buyers in Birmingham trying to by our council home, value is £110,000 purchase price £41,800.

@sammyj84 There are lenders who will consider RTB purchases of council-freeholder maisonettes with deck access. What is the LTV you are looking for? And are you looking to capital raise as well? And I'm assuming your S125 says a market value of £110k

If you are looking to borrow the £41,800, the LTV is 38%

If you are looking to borrow the £41,800 purhcase price + £47k capital raise for home improvements, the LTV is 80%

Both cases are entirely different. Which is it that you are looking to do?

Looking for £47k total, (£41,800 purchase price + £5,200)

CLJ2986

If you've been declined by Aldermore is there anywhere else to try or is that game over? It's a 90% ltv.

K_S

sammyj84 said:

K_S said:

sammyj84 said:

Hello 
Do you know of any lenders that will accept a maisonette with Deck/balcony access? 
We are first time buyers in Birmingham trying to by our council home, value is £110,000 purchase price £41,800.

@sammyj84 There are lenders who will consider RTB purchases of council-freeholder maisonettes with deck access. What is the LTV you are looking for? And are you looking to capital raise as well? And I'm assuming your S125 says a market value of £110k

If you are looking to borrow the £41,800, the LTV is 38%

If you are looking to borrow the £41,800 purhcase price + £47k capital raise for home improvements, the LTV is 80%

Both cases are entirely different. Which is it that you are looking to do?

Looking for £47k total, (£41,800 purchase price + £5,200)

@sammyj84 To borrow 100% of the purchase price of £41,800, you should have a couple of lender options who will consider. If you absolutely want to raise the extra cash on top, it's much much tougher.

K_S

CLJ2986 said:

If you've been declined by Aldermore is there anywhere else to try or is that game over? It's a 90% ltv.

@clj2986 Depends on the reason for the decline and the specifics of your adverse. Aldermore can be unpredictable unfortunately.

longtimelurker2020

If you’re buying a doer-upper, can you borrow a bit more at the time of the mortgage application, to fund home improvements? Are lenders open to this, or would one have to wait until the fix ends and it’s time to remortgage? 

The only other option I can think of is to hold back cash from the (40%) deposit and then borrow more, but my thinking is that keeping the deposit intact puts us in an LTV band for a low interest rate. 

What do the brokers think? 

daffodil02

Does anyone have experience of how lenders have viewed the third SEISS grant please? The criteria was different to one and two, I spoke to a broker but he said it may be a problem.