Just after some advice

rose_T

Hi, 
We have a mortgage broker who got us a AIP with Halifax not sure what interest or value the AIP is think it’s around 120k, but it’s with a 15% deposit. 

I am seeing a lot of people now getting AIP’s for 10% deposit and when I search on compare the market.com Halifax is showing a product for 10%. 

My broker advised there is still very little 90% ltv mortgages around and the ones that are around are very strict! We are due to put a offer in on a property that is going through the confirmation stage ( probate Scotland) and is now finally due to have a home report in the next week or 2. Is it worth looking for another mortgage for a lower deposit or just continue with what we have? Also with the new 5% mortgages that is due next month are we better hanging of to see about those ones? 

We have the 15% for the deposit but that is basically all our savings ideally we would love 10% so wee still have a little something left over. 

We are FTB both work not been furloughed one is self employed the other in full time employment and we take home a combined annual salary of around £33-34k we have no debt cleared all credit cards we do have PCP on a car which is £180 and mobile phones etc the usual monthly payments. 

Are we being hopeful of a lower deposit? 

getmore4less

basic rule is smaller deposit higher rate.
Might be a good idea to get the details of what hovering above the table so you have something to compare with. 

K_S

rose_T said:

Hi, 
We have a mortgage broker who got us a AIP with Halifax not sure what interest or value the AIP is think it’s around 120k, but it’s with a 15% deposit. 

I am seeing a lot of people now getting AIP’s for 10% deposit and when I search on compare the market.com Halifax is showing a product for 10%. 

My broker advised there is still very little 90% ltv mortgages around and the ones that are around are very strict! We are due to put a offer in on a property that is going through the confirmation stage ( probate Scotland) and is now finally due to have a home report in the next week or 2. Is it worth looking for another mortgage for a lower deposit or just continue with what we have? Also with the new 5% mortgages that is due next month are we better hanging of to see about those ones? 

We have the 15% for the deposit but that is basically all our savings ideally we would love 10% so wee still have a little something left over. 

We are FTB both work not been furloughed one is self employed the other in full time employment and we take home a combined annual salary of around £33-34k we have no debt cleared all credit cards we do have PCP on a car which is £180 and mobile phones etc the usual monthly payments. 

Are we being hopeful of a lower deposit? 

@rose_T Can I ask if the DIP was submitted for 90% and it came back at 85%? You could ask your broker to run a DIP at 90% if that hasn't been done already. That will give you an idea of your chances. Generally speaking, one applicant being self-employed will be a negative in high-LTV apps.