HELP. 90% LTV

[shiveringwiggles]

Just received this in an email from First Direct (see image).

Our AIP was for 90%LTV and we received it midway through June. Has anyone been in this circumstance and still received the mortgage offer?

Our mortgage appointment is 1/9.

Ahhh!

[shiveringwiggles]

Anyone?

[Youngatheart00]

I’d go ahead and call them, don’t wait for the appt. have you put in an offer based on the AIP?

[shiveringwiggles]

Yeah, we've had an offer accepted based on the fact they agreed to lend us 90% (in principle) and have ordered searches/survey etc.

We are asking to borrow 185k so not gigantic in the grand scheme of things.

[Youngatheart00]

So you’ve had your mortgage offer document (which is more than an AIP which you can get online without a property in mind)? Do you know when the survey is scheduled?

[shiveringwiggles]

@Youngatheart00 no, sorry. I probably didn't explain clearly.

We applied for our AIP over the phone on 16/6 with First Direct and one of the questions asked was how much are you looking to borrow (so it's part of our AIP that we need 90%).

After the AIP, we put an offer on a house, had it accepted, obstructed a solicitor and ordered our own survey etc

Our first direct mortgage appointment isn't until 1/9.

We've just received the email stating that 90% was withdrawn to new customers on 28/7.

Are we new customers as our AIP was granted in June? Do we still have any hope? Has anyone been through with First Direct recently?

[mumdone]

I would imagine when you applied for the mortgage. AIP isn’t an application. When did you apply for the full mortgage?

[willowandsage]

Have you made an actual application or is it just an AIP?

If it's just an AIP, it's only an estimate and you wouldn't be an agreed new mortgage customer as you haven't actually made an application, so I don't think they would offer the 90% mortgage.

[shiveringwiggles]

In regards to making an application, we're kind of in limbo. We are in between an AIP and a mortgage offer.

16/6- received AIP
22/6- offer on house accepted
23/7- first direct informed that we'd like to proceed with the mortgage
24/7- uploaded bank statements/payslips to First Direct website
27/7- hard credit check carried out by first direct
30/8- call from first direct to arrange telephone mortgage appointment for 1st Sep

[shiveringwiggles]

*22/7 we informed First Direct, not 22/6

[HooseDilemma]

As you don't have your mortgage offer yet, then i'm afraid you might struggle. As OP says, I'd be ringing tomorrow, not waiting for the meeting. You need to know whether there is any chance they will be able to offer you a mortgage at 90%. I'm assuming that stretching to 15% is a no go?

I'd also talk to a good broker. Check that they are free before you do, many are and get 100% of their money from the lender (whereas some also charge you a few hundred quid on top). They will be able to talk you through your chances (based on their experience with other customers) and also sort you out with another deal if needs be, they will be able to give you the best chance of being accepted.

[rottiemum88]

Is there any reason you went straight to the lender rather than to a broker? As PP says, this would give you a much better chance of finding a deal that you're likely to be accepted for before going ahead with a full application with one lender that's then rejected after a hard search has been done on your credit record. There will still be lenders out there that are willing to accept 90% LTV I expect, but probably far more limited than there would have been a few months ago. A good broker is your friend here

[Alwaysinpain]

It says in the email that if you already have an Agreement In Principle (AIP) that was given before 28 July, then they can still offer it? Not sure why you haven't understood this?

[Pluckedpencil]

Go on your local Facebook group and pay a little bit for a brilliant mortgage broker. Trust me.

[mumdone]

So you made the application before the date they’ve set. I think you will be ok.

[rottiemum88]

@Alwaysinpain

It says in the email that if you already have an Agreement In Principle (AIP) that was given before 28 July, then they can still offer it? Not sure why you haven't understood this?

It says they can still discuss it, that's a long way from them still being able to offer it

[JoJoSM2]

I’d just give them a ring ASAP. If it turns out that 90% LTV is no longer possible, you can speak to a broker.

[Simonsaysitschristmas]

You’re fine and still eligible for it. They’ve withdrawn it because they’re so swamped and they don’t have enough man power to process anything new.

[shiveringwiggles]

@mumdone @Simonsaysitschristmas I'm hoping that's the case.

I'll phone today and ask. Fingers crossed!

[shiveringwiggles]

So, phoned First Direct, they'll still be able to offer 90%. Yay!

[Youngatheart00]

That’s great news! Fingers crossed you can move forward with your purchase.

[Simonsaysitschristmas]

Fab news! Hoping your appointment goes well and the move is smooth sailing from now

[Pluckedpencil]

Great news. I used first direct first direct for our mortgage and they were great to deal with.

[Jamie2710]

@shiveringwiggles

So, phoned First Direct, they'll still be able to offer 90%. Yay!

How did the appointment go? I'm currently in the same position, I have my appoitment on Friday.