Likelihood of getting 95%, already have 90% DIP Barclays

MissRenter

Hi, 

Just wondering. If we’ve been accepted at 90% LTV with Barclays, do you think it’s possible we’d be able to get 95% when they come out? 

We’d rather 95% as we can get a much better house and hopefully not need to move again whereas with the 90% it would be more of a ‘starter home’. 

Also, does Barclays perform a soft or hard search with a broker submitted DIP application? 

Thanks :-)

MissRenter

Ignore the last part, they’ve done a Hard search. Not bothered, it’s a good thing if anything :-)

[Deleted User]

95% is tough but so is 90% so if you pass there then you might pass at 95%. Impossible to know without your full file.

There are a few lenders doing 95% and with soft searches so have you asked your broker to see if you can get a aip at that level? 

MissRenter

Deleted_User said:

95% is tough but so is 90% so if you pass there then you might pass at 95%. Impossible to know without your full file.

There are a few lenders doing 95% and with soft searches so have you asked your broker to see if you can get a aip at that level? 

Thankyou! 

We’re going to wait til Barclays bring out their 95% Mortgage Guarantee products in a few weeks rather than try elsewhere. 

In my mind surely if the government guarantee some of the LTV, Barclays would actually have more security with a 95% (85%) government backed mortgage than a 90% but I know things are t that simple.. lol. 

hippocrates1

You would only be able to borrow 5% more? Not exactly going to make a life changing difference to the house you can buy. The interest will be a lot higher. If you have the funds for 10% why do you want 5%?

[Deleted User]

If borrowing amount isnt an issue then it could be a property double the value since the deposit requirement is half as much

10k deposit @90% = £100k
10k deposit @95% = £200k