Calling FTB! Is getting a mortgage difficult?

LillyJ

We have had no problem whatsoever in getting a mortgage and are FTB's with 10% deposit.

I am not sure, but I think it is just the people with really high LTV (90% seems OK) and high income multiples who are getting refused.

We are taking 2x salary and the Halifax were pretty keen to give us a mortgage, our rate is 5.67% 3 year tracker which I don't think is too bad.

They didn't want any of our bank statements, or even pay slips.

I think some FTBs are using it as an excuse to pull out of sales as they are scared of crash. We are planning to stay for 10 years (only in our early 20s so that is quite a long time at our age) so we are in it for the long run. I am also willing to pay for my sanity not getting moved around every 6 months when our landlord sells up. It gets to me a lot.
So basically we are buying a family home for us and any future children we may have, not an investment.

Dan_Collins_2

All lenders are different. Unless you have a poor credit score you will be ok. 10% is getting to be a must. I can see and have heard rumours of 95% almost going the same way as 100%.

I would not buy right now unless you plan to live in theproperty for 5 years or more.

tomstickland

Mortgages are still there, but the race to lend as much money as possible has slowed down. Yes, this will affect the whole market in my opinion. Lack of first time buyers, BTL finally being recognised as a bad move, it's going to starve the market from the bottom and the pressure will pass up.

As in the first post, there's a chain and when the first time buyer pulls out then the whole chain stagnates. Another FTB comes along, but asks for a 15% reduction, seller is desperate to break chain so they agree, but then ask their seller for a reduction. And so on.

vwjo

We're FTB'ers, and got our 95% mortgage approved yesterday with no problems........Yay!