90% LTV

Liam4410

Unfortunately I think I know the answer to this question but hopefully someone could clarify.

Myself and my partner have just reserved a new build property for 291000. We are both emergency service workers and earn 30K each (rising to 40K each in two years time). 

i have poor credit (1X default from 18 months ago which was satisfied immediately) where’s here’s is near perfect. Is there any chance of us getting a mortgage at 90% ltv? 

Rudi1990

I just got 90% ltv with Aldermore, I’m sure my mortgage advisor told me the other day that another adverse lender (either Kensington or Kent Reliance) has brought back 90% ltv too.
You really do need a good mortgage advisor - there are several on here who specialise in adverse but they aren’t allowed to approach you directly, just look at the info at the bottom of any responses you get, if they are a mortgage advisor you can send them a message if you’d like them to help

K_S

Liam4410 said:

Unfortunately I think I know the answer to this question but hopefully someone could clarify.
Myself and my partner have just reserved a new build property for 291000. We are both emergency service workers and earn 30K each (rising to 40K each in two years time). 
i have poor credit (1X default from 18 months ago which was satisfied immediately) where’s here’s is near perfect. Is there any chance of us getting a mortgage at 90% ltv? 

@liam4410 Depends on the details - what account, amount of default, is there a plausible explanation why it was a one-off etc.

But generally speaking, high-street rates are very unlikely. If you are willing to consider paying higher rates there may be options. Another additional complication is the new-build part as many lenders don't lend beyond 85% LTV on new-build properties.

Liam4410

So it was £120 on a Vodafone bill. Completely my fault as I moved addresses without notifying them so details of missed payments were going to wrong address. I’ve contacted a broker today to see what they can do

K_S

Liam4410 said:

So it was £120 on a Vodafone bill. Completely my fault as I moved addresses without notifying them so details of missed payments were going to wrong address. I’ve contacted a broker today to see what they can do

@liam4410 A small comms default with a reasonable explanation is one of the "better" types of defaults to have and some lenders will be happy to disregard them. It's surprisingly common. Good luck, hope you get the mortgage you need!

hippocrates1

Why can’t you use help to buy?
you will struggle to get 90ltv on a new build.
also why did you pay to reserve without a DIP?

md64

You should get decent high street rates with a communications default, vodaphone are common defaults. Get a decent broker and you will be fine xx