90% LTV mortgage market coming back to life!

hippocrates1

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

bamgbost

hippocrates1 said:

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

What reason did they give?

ACG

hippocrates1 said:

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

There is no reason for you to not be able to get a 90% mortgage if you have no bad credit and are in permanent employment relying on your basic wage. Lenders will without doubt be scoring 90% applications more harshly than they have in a long time, but there are lenders out there who do not credit score, it is more criteria driven. Rates wont be as good as the high street, but you are probably only talking 0.5% above the high street.

Try a different broker. You have nothing to lose.

hippocrates1

bamgbost said:

See hippocrates1 said:

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

What reason did they give?

I did ask my advisor. They said they had no idea. I wonder if they’re not really offering them to anyone just pretending to get business at 85%. I wanted to borrow 189k at 90ltv and they said no but did say I could borrow up to 254k at 85ltv. So it’s not like they won’t lend to me. 

hippocrates1

ACG said:

hippocrates1 said:

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

There is no reason for you to not be able to get a 90% mortgage if you have no bad credit and are in permanent employment relying on your basic wage. Lenders will without doubt be scoring 90% applications more harshly than they have in a long time, but there are lenders out there who do not credit score, it is more criteria driven. Rates wont be as good as the high street, but you are probably only talking 0.5% above the high street.

Try a different broker. You have nothing to lose.

He tried Halifax and NatWest and got rejected. Won’t keep applying damage my credit score?

K_S

hippocrates1 said:

bamgbost said:

See hippocrates1 said:

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

What reason did they give?

I did ask my advisor. They said they had no idea. I wonder if they’re not really offering them to anyone just pretending to get business at 85%. I wanted to borrow 189k at 90ltv and they said no but did say I could borrow up to 254k at 85ltv. So it’s not like they won’t lend to me. 

@hippocrates1 While I wouldn't claim that 90% products are as easily available as they were a year ago, there definitely are borrowers getting 90% LTV mortgages in the current market, I can vouch for that

ACG

hippocrates1 said:

ACG said:

hippocrates1 said:

I spoke to my mortgage advisor and I’m a doctor with no defaults etc and I couldn’t get approved for 90ltv. Don’t get your hopes up.

There is no reason for you to not be able to get a 90% mortgage if you have no bad credit and are in permanent employment relying on your basic wage. Lenders will without doubt be scoring 90% applications more harshly than they have in a long time, but there are lenders out there who do not credit score, it is more criteria driven. Rates wont be as good as the high street, but you are probably only talking 0.5% above the high street.

Try a different broker. You have nothing to lose.

He tried Halifax and NatWest and got rejected. Won’t keep applying damage my credit score?

Yes, but you have to put that into context. If you make 2-3 applications it should not be the end of the world and should recover in 6 months. If you make 15 applications it is a bit different.

If you go to a non credit scoring lender, it does not matter (to the non credit scoring lender) if you made 50 applications the day before, because they are not scoring your application. 

zemarcopolo

He tried Halifax and NatWest and got rejected. Won’t keep applying damage my credit score?

Halifax (and Lloyd) are currently very strict with credit score. I spoke to Lloyd's MA who advised that their score criteria are going to be loosened in January. Therefore, it may be a good idea to reapply mid January. 

Natwest are not strict on credit score. I can't explain why they rejected your 90LTV application. They,  however, have limitations for non UK, non EU citizens unless one has indefinite leave to remain. 

May be valuable to review details your broker put in the application. 

K_S

Coventry BS also re-enters the 90% LTV market, this time for good.

- one 2 year fix and one 5 year fix product

- available for both purchase and remo

- interestingly, the 5 year fix product (they're calling it a "Flexx Fixed") comes with no-ERC so you can make unlimited overpayments

iKarlCPFC

This is such good news. My and my girlfriend have been set back a while since corona took a contol, but now we're going to *hopefully* be in a position to start looking in a few months. An AIP I just did said we can get upto £325k house in South London at 90% so pretty happy about that.