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29-05-2015, 11:41   #1
spav
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90% LTV for home mover

Wondering if anyone could offer any real-world experience, as I'm hitting a brick wall with online research...

We're looking to move house, and we were cleared last year to comfortably get the required mortgage amount. We're good candidates on paper in that we've faultless credit history, secure jobs etc.

However, the maximum deposit we can get is 10%. From what I can gather, while banks can give a small number of loans at 90% LTV, the criteria they work to isn't public.

So... do we have any hope of getting a 90% LTV mortgage? Anyone had an experience of this since the new guidelines were enforced?

Thanks!
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29-05-2015, 15:37   #2
Archaeoliz
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In short a snowballs chance in hell. Rules are being strictly adhered to and the exceptions are truly that - complete exceptions without any standard criteria.

If you haven't got the extra 10%, you haven't got it. Save more. Seems unfair to someone like yourself with a good credit history etc but the idea of those rules is to protect you from the numpties. Anecdotally amongst friends and colleagues they reckon it's going to take them an extra 5 years. You won't be alone.

Having said that - what do I really know? Ask your bank the question with evidence of all of the above. Worst they can say is no.
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29-05-2015, 15:50   #3
spav
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Originally Posted by Archaeoliz View Post
In short a snowballs chance in hell. Rules are being strictly adhered to and the exceptions are truly that - complete exceptions without any standard criteria.

If you haven't got the extra 10%, you haven't got it. Save more. Seems unfair to someone like yourself with a good credit history etc but the idea of those rules is to protect you from the numpties. Anecdotally amongst friends and colleagues they reckon it's going to take them an extra 5 years. You won't be alone.

Having said that - what do I really know? Ask your bank the question with evidence of all of the above. Worst they can say is no.
Thanks - assumed as much.
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04-06-2015, 08:36   #4
Jen44
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Ive been to a few banks, in a similar situation to yourself and we've been told that some banks are willing to make an exception to the new rules so long as its only one of the rules. In other words if you are looking to increase the LTV amount then you must stick to the other new rule of not borrowing over 3.5 times your annual salary. Find yourself a good broker and they will be able help you out in relation to the LTV and the best banks to go to

Last edited by Jen44; 04-06-2015 at 10:58.
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04-06-2015, 09:04   #5
spav
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Ive been to a few banks, in a similar situation to yourself and we've been told that some banks are willing to make an exception to the new rules so long as its only one of the rules. In other words if you are looking to increase the LTV amount then you must stick to the other new rule of not borrowing over 3.5% of your annual salary. Find yourself a good broker and they will be able help you out in relation to the LTV and the best banks to go to
Thanks for that - sounds encouraging.

I'll speak to a broker and go from there.
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04-06-2015, 09:44   #6
NyOmnishambles
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In a similar situation to yourself OP, we went through a broker and KBC are giving us 90% and the same for money to renovate

Will PM you the brokers details
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04-06-2015, 14:03   #7
quagmire47
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Originally Posted by spav View Post
Wondering if anyone could offer any real-world experience, as I'm hitting a brick wall with online research...

We're looking to move house, and we were cleared last year to comfortably get the required mortgage amount. We're good candidates on paper in that we've faultless credit history, secure jobs etc.

However, the maximum deposit we can get is 10%. From what I can gather, while banks can give a small number of loans at 90% LTV, the criteria they work to isn't public.

So... do we have any hope of getting a 90% LTV mortgage? Anyone had an experience of this since the new guidelines were enforced?

Thanks!
You're going to the wrong place for this type of information. Go and speak to a mortgage representative from one of the mortgage providers. They will tell you quite quickly what they can offer you based on your financial situation.

Failing that, I would recommend contacting a mortgage broker before giving up completely.

The reason the 'criteria' is not publicly available is because it's determined on a case by case basis.
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