Moving home - Mortgage LTV

[PurplePansy05]

Hi all, I wonder if you could help.

A couple of days ago, I saw a thread on here which referred to lenders not offering 90% LTV mortgages now due to Covid. It specifically referred to Halifax (I can't find it now, sorry), but I have since checked HSBC who we have a mortgage with and to my surprise it seems the are no available mortgages with LTV 90% for those moving home.

We are not first time buyers, we're thinking about moving home. We'd have at least 60k from the sale of our house (equity + sale profit), but this would have to cover the deposit for the new house, all fees, plus we'd need to keep some money left to pay off a loan and do up the new place. The new house is lovely, great location, but more expensive than ours and needs a bit of work. We were hoping to put down a 10% deposit and use the rest of the money for the above.

Questions:

1. Is it usually the case that if you're not a first time buyer, you have to put down more than 10% deposit? What is usually the minimum amount?
2. If so, has this always been the case or is it just due to covid?

I am so surprised and worried we won't move at all now. HSBC seems to have offers starting at 80% LTV. We can stretch to 85% LTV, but it's far from ideal. We can't afford 80% LTV on the new house, it would take up nearly the whole pot of money that we have available.

Please could someone more experienced help out? We've only owned our current house and not moved before. Thank you in advance.

I'm putting down a 45% deposit, altho may go higher. Getting offered rates around 1.17%

HSBC are notoriously tricky to get mortgages with, I had one of their staff said they wouldn't bother even with a decision in principle from them.

*Sorry not finished the sentence

I think it might be sensible to sell up now if the prices go down later because in reality the house we're buying will likely hold its value better because of its great location. Whereas ours, whilst in a decent location and pretty much renovated throughout, might still be affected a tad more which means we'd end up few grand out of pocket again.

@Oopsiedaisy our current mortgage is with HSBC, I just worked out when we got it it was slightly over 85% (we remortgaged to them) and we had no problems whatsoever, low interest rate and great service. I wouldn't be that put off just yet 😊 If it makes sense, we'd actually choose to stay with them.

I came on to recommend London and Country but I see a couple of other posters already have. I’ve used them twice now and they’ve been fab both times, found me great deals and everything done online/via email. Really easy and virtually hassle free.

I bank with HSBC, current mortgage with natwest but I'm coming off it to buy independently. I don't really mind who I go with.