Nationwide "Helping Hand" Mortgage

MWade93

Hi all, new here!

I, like many, am desperately trying to get onto the housing ladder, unfortunately my households income is just short of Nationwide's "Helping Hand" mortgage by £300.

Their criteria for the extra 20% is that your household has over £55,000 income, with mine and my partner at £54,700 (including child benefit).

Does anybody know of similar schemes equally as generous (I think they increase the mortgage by 20%!!!)?

Thanks

MWade93

housebuyer143

MWade93 said:

Hi all, new here!

I, like many, am desperately trying to get onto the housing ladder, unfortunately my households income is just short of Nationwide's "Helping Hand" mortgage by £300.

Their criteria for the extra 20% is that your household has over £55,000 income, with mine and my partner at £54,700 (including child benefit).

Does anybody know of similar schemes equally as generous (I think they increase the mortgage by 20%!!!)?

Thanks

MWade93

That is one of the most generous I know of unfortunately. Do you get any bonuses or anything else at all you can use? 
Ask your boss for a £400 payrise?

MWade93

housebuyer143 said:

That is one of the most generous I know of unfortunately. Do you get any bonuses or anything else at all you can use? 

Ask your boss for a £400 payrise?

Thanks, I had thought about that but I think they're struggling as it is.

Bonus unfortunately not...

If they took into account my overtime for the past 12 months I would be fine but they only go back 8 weeks, which is a shame because a lot of my overtime is seasonal.

K_S

@mwade93 Accord will do 5.5x up to 90% LTV, but their minimum income requirement is slightly higher still. I'm assuming you're at the higher end of the LTV range.

There are a couple of other lenders (including a couple of smaller building societies) that will consider lending at that level on a discretionary basis but whether you qualify for consideration will depend on the LTV and the specifics of your circumstances and requirements.

Unfortunately with the small lender market currently being in turmoil it's hard to get a case like this a proper hearing with these alternate lenders.

MWade93 said:

Hi all, new here!

I, like many, am desperately trying to get onto the housing ladder, unfortunately my households income is just short of Nationwide's "Helping Hand" mortgage by £300.

Their criteria for the extra 20% is that your household has over £55,000 income, with mine and my partner at £54,700 (including child benefit).

Does anybody know of similar schemes equally as generous (I think they increase the mortgage by 20%!!!)?

Thanks

MWade93

kingstreet

Santander and NatWest also lend more on five year fixed rates.

MWade93

Thanks all,

I've got an appointment with Lloyds on Thursday but the DIP they gave was too low (4.5x).

I don't know if it's even worth going, I doubt they could do anything in branch to change this?

We have no debt, we are very frugal, sh*t car, no crazy spending or gambling/lottery, we are saving a lot of money every month, I think if somebody looked over our finances they could use common sense and see that we can afford it... but I doubt they're allowed to use common sense and override their corporate policy?

I despair. But find comfort knowing that I'm not alone!!

housebuyer143

MWade93 said:

Thanks all,

I've got an appointment with Lloyds on Thursday but the DIP they gave was too low (4.5x).

I don't know if it's even worth going, I doubt they could do anything in branch to change this?

We have no debt, we are very frugal, sh*t car, no crazy spending or gambling/lottery, we are saving a lot of money every month, I think if somebody looked over our finances they could use common sense and see that we can afford it... but I doubt they're allowed to use common sense and override their corporate policy?

I despair. But find comfort knowing that I'm not alone!!

You haven't said if it's the 90-95% mortgage you need or the income multiples? 

MWade93

housebuyer143 said:

You haven't said if it's the 90-95% mortgage you need or the income multiples? 

Sorry, we need 95% at 5x.

K_S

MWade93 said:

housebuyer143 said:

You haven't said if it's the 90-95% mortgage you need or the income multiples? 

Sorry, we need 95% at 5x.

@mwade93 At 95% LTV and looking for 5-5.5x products, you're probably out of luck if it doesn't fit with Nationwide HH. If you can stretch to 90% LTV, you may be able to stretch to 5x depending on the rest of your circumstances.

MWade93

Thanks all, I really appreciate the help and for not being nasty 😆 we will keep on saving for 90%.