90% LTV mortgage market coming back to life!

Dandytf

@K_S
thanks any move won't be for another year or two anyway-dmp to finish during 21'.
Last default drops early 21'
Nationwide Mortgage lending calculator is very generous 80k approx.
When I entered part time salary+eligible benefits+6k unsecured debt.
Hopefully reduce to 5K or less next few years.

gabby71

K_S said:

gabby71 said:

Would any of the 90% ltv products currently being offered be applicable for someone with a default on their credit file?

@gabby71 Depends on the specifics. What kind of default, settled or not, amount, when was the default registered, etc 

It was £1995 for a water bill, defaulted in 2016 and cleared January 2018.

K_S

gabby71 said:

K_S said:

gabby71 said:

Would any of the 90% ltv products currently being offered be applicable for someone with a default on their credit file?

@gabby71 Depends on the specifics. What kind of default, settled or not, amount, when was the default registered, etc 

It was £1995 for a water bill, defaulted in 2016 and cleared January 2018.

@gabby71 Well, the positives are that it's a utility default, 4+ years since it was registered and in Jan will be 3 years since being satisfied. The negative is that it was almost 2k.

If the credit history since then has been clean and the rest of the case stacks up, there are a couple of 90% lenders who may lend.

Thrugelmir

Dandytf said:

Talk of Mortgage lending criteria being loosened up since 2014.

The implementation of MMR was so that the lax lending of the past wasn't repeated. 

gabby71

K_S said:

gabby71 said:

K_S said:

gabby71 said:

Would any of the 90% ltv products currently being offered be applicable for someone with a default on their credit file?

@gabby71 Depends on the specifics. What kind of default, settled or not, amount, when was the default registered, etc 

It was £1995 for a water bill, defaulted in 2016 and cleared January 2018.

@gabby71 Well, the positives are that it's a utility default, 4+ years since it was registered and in Jan will be 3 years since being satisfied. The negative is that it was almost 2k.

If the credit history since then has been clean and the rest of the case stacks up, there are a couple of 90% lenders who may lend.

Great thank you 😊 I’m looking towards next summer to buy so will be past the 3 year mark and all being well there may be more 10% deposit options available 🤞🏼

K_S

Natwest is back with 90% LTV products wef 16th Dec

Highlights are -

• New builds excluded
• Porting allowed with additional borrowing up to 90% LTV for home movers
  
• Applicants who've taken payment holidays (on their mortgage or other commitments) can be considered as long as resumption of payments can be evidenced

Mickey666

I wonder why new builds are excluded?  Is it because, like a new car, their market value drops immediately after purchase?

K_S

Mickey666 said:

I wonder why new builds are excluded?  Is it because, like a new car, their market value drops immediately after purchase?

@mickey666 Possibly. The difficulty to value new-builds (especially ones still in their early stages), inability to assess the property for faults, plus the range of builder-incentives that developers typically use to keep the book value of the property high.

In the lender's eyes, all that together probably makes the risk of negative equity higher and hence the reluctance to fund high-LTV new build mortgages at high-street rates.

dontknowwhattodonext

K_S said:

gabby71 said:

K_S said:

gabby71 said:

Would any of the 90% ltv products currently being offered be applicable for someone with a default on their credit file?

@gabby71 Depends on the specifics. What kind of default, settled or not, amount, when was the default registered, etc 

It was £1995 for a water bill, defaulted in 2016 and cleared January 2018.

@gabby71 Well, the positives are that it's a utility default, 4+ years since it was registered and in Jan will be 3 years since being satisfied. The negative is that it was almost 2k.

If the credit history since then has been clean and the rest of the case stacks up, there are a couple of 90% lenders who may lend.

Can you say what lenders re the 90% as in similar situation, but did also own a property and lost in 2012

K_S

dontknowwhattodonext said:

K_S said:

gabby71 said:

K_S said:

gabby71 said:

Would any of the 90% ltv products currently being offered be applicable for someone with a default on their credit file?

@gabby71 Depends on the specifics. What kind of default, settled or not, amount, when was the default registered, etc 

It was £1995 for a water bill, defaulted in 2016 and cleared January 2018.

@gabby71 Well, the positives are that it's a utility default, 4+ years since it was registered and in Jan will be 3 years since being satisfied. The negative is that it was almost 2k.

If the credit history since then has been clean and the rest of the case stacks up, there are a couple of 90% lenders who may lend.

Can you say what lenders re the 90% as in similar situation, but did also own a property and lost in 2012

@dontknowwhattodonext Apologies, I can't name any lenders as that could be construed as advice on the basis of little/no information. If your house was repossessed in 2012, that on its own shouldn't stop you from borrowing.