Mortgage time approaching - nightmare deposit amount!

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BarelySentientAI said:

[Deleted User] said:

BarelySentientAI said:

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ReadySteadyPop said:

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Bigphil1474 said:

Doesn't sound like it's your credit profile, could well be other circumstances - type of job, income etc?  As Mark says above, if you're with a decent bank, try them first. It's quite easy to get an Agreement in Principle with most banks, and you'll soon find out if they'll lend to you. It's not a 100% guarantee but a good indicator and as it's your normal bank, I would expect it to increase your chances of success.

Thankyou, They haven’t actually asked me about my job or income yet which is odd, and another reason I’m a bit baffled by them saying I NEED a 25% deposit for a mortgage.

Not sure if it’s allowed to be mentioned, but I earn £39k+ a year and have a disposable income of around £750 after my current rent and bills.

Im with NatWest and Santander, I’ve had a AIP with NatWest, I’ll try with Santander too.

They are cushioning themselves against future price falls, they want you to pay for that essentially, that is how they make money as a lending business, the market changes very quickly, mortgage rates are rising again as risk is constantly re-priced.

Ignore my ignorance, but what would that mean?

Ignore Crashy, they've been predicting 30-40% price drops for over a decade and everything they post is trying to make that happen.  All in good spirits, but can confuse new forumites.

2 years isn't a huge amount of time for your credit record to be clean, so it might just be that 25% is their way of accounting for this rather than restricting the total amount you can borrow.

Yeah.

My obvious issue is that I know for a fact that a few of my friends have had CCJ’s, and still have defaults, yet attained a mortgage at a 10% deposit, I’m guessing that the only way to really know is to apply?

Different lenders have different ways of meeting their risk.  One might only lend at 25% deposit, another might lend at 10% deposit but at a higher interest rate.

A good broker will know which are which and place you in the best position for your circumstances.  There are also some lenders/brands that only go through brokers so they can access offers that you can't.

Someone like @ACG or @kingstreet might be able to give you a better answer than I can.

Great, thankyou.