90% LTV mortgage market coming back to life!

K_S

HSBC also re-enters the 90% LTV market, rates to be released next week. Hopefully they don't get overwhelmed with demand like the last couple of times and pull it soon after.

There'll be 2 and 5 year fixes, available for both purchases and remos, upto a max loan amount of 400k, max term 35 years.

Good to see all the main players coming back, the increased competition should put some downward pressure on the 90% rates over the coming weeks/months.

LMJ10

Any adverse lenders re entering the 90% ? 

K_S

LMJ10 said:

Any adverse lenders re entering the 90% ? 

@lmj10 Not as far as I know. And not likely to either imho.

K_S

Santander also joins in (in a limited way) with two new 90% LTV purchase products

- FTBs only

- employed income only, self-employed still limited to 60% LTV

rachelheels

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.

Hi, why is it a positive that it’s a utility? I’d have thought that would have been worse than car finance etc?

K_S

rachelheels 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.

Hi, why is it a positive that it’s a utility? I’d have thought that would have been worse than car finance etc?

@rachelheels Generally speaking, lenders view utilities and telecom adverse less harshly than other kinds of accounts. Tbh I don't know what the exact reasons are.

rachelheels

Ok thanks, I thought that a utility bill (ie an essential) would be worse than say a default on an overdraft