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    • Years of debt
    • By Years of debt 14th Sep 18, 10:41 AM
    • 79Posts
    • 33Thanks
    Years of debt
    First time buyer
    • #1
    • 14th Sep 18, 10:41 AM
    First time buyer 14th Sep 18 at 10:41 AM
    Hello this advice is for my friend. Iím not in a position to buy a house anytime soon!

    Just some general advice they are looking for:

    Current salary £34,500
    No debts, no cars on finance.
    is looking to buy first house for £180,000 with a 5% deposit at £9,000. With the help to buy scheme from the government at 20% so £36,000. Total deposit is £45,000. Mortgage is £135,000.
    The affordability is no problem but lenders are only willing to give a 65% mortgage. So that means they would need a 15% deposit?

    Does anyone know how it works and only being able to get 65%? Would that be down to credit rating?
    Would some lenders be able to give the full 75% needed but would it be a higher rate?

    Thanks in advance
Page 1
    • Smodlet
    • By Smodlet 14th Sep 18, 12:13 PM
    • 4,197 Posts
    • 7,506 Thanks
    Smodlet
    • #2
    • 14th Sep 18, 12:13 PM
    • #2
    • 14th Sep 18, 12:13 PM
    Sounds as if your friend needs either a higher deposit, lower expectations or possibly a mortgage broker. Have they tried one? HTH.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Katapolt
    • By Katapolt 14th Sep 18, 3:24 PM
    • 233 Posts
    • 287 Thanks
    Katapolt
    • #3
    • 14th Sep 18, 3:24 PM
    • #3
    • 14th Sep 18, 3:24 PM
    i second a broker. As first time buyers we were able to get a mortgage on a 95% LTV and have zero regrets.
    • kingstreet
    • By kingstreet 14th Sep 18, 4:43 PM
    • 34,335 Posts
    • 18,650 Thanks
    kingstreet
    • #4
    • 14th Sep 18, 4:43 PM
    • #4
    • 14th Sep 18, 4:43 PM
    Sounds like a low-scoring Halifax case. That's a Halifax internal score, not a Experian "999" or whatever.

    65% is a step up from being declined.

    They need an experienced newbuild broker if they are trying to do this direct. Get all three versions of statutory credit file before choosing a broker.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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