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Original poster

90% mortgages

47 replies

ReturnofSaturn · 06/07/2020 20:23

We would be first time buyers and just starting to think recently about home buying.

Are there any lenders currently still offering 90% mortgages or are those days long gone?

We are in a lower house price area (North West) but can still only scrape a 10% deposit.
We haven't been able to save much at all these last couple of years despite being frugal people.
No possible help from bank of mum and dad's either.

Would we be wasting our time? We don't know what to do as we are in our 30's so could really do with getting on the property ladder soon.

Thanks in advance for any advice.

OP posts:
Sometimes123 · 06/07/2020 20:42

It's important that you go through a mortgage broker. You'll get a mortgage if you have good credit...but the interest might be higher to begin with. Good luck with the mortgage search Smile

HeeeeyDuggee · 06/07/2020 20:46

My friend is a mortgage broker and we’ve been talking about this. She said a few lenders are still doing 90% but the checks and criteria are much stricter. Lots of people being turned down and she’s had a few new clients coming to her because the backs have pulled out of already agreed mortgages at 85/90%

I would seriously advise getting yourself a broker

EggysMom · 06/07/2020 20:48

I used a local broker for a 90% mortgage five years ago, he was definitely worth his money.

Original poster
ReturnofSaturn · 06/07/2020 21:08

Hmm interesting. I'm currently scouring the money saving experts forums and it seems people on there are struggling to find 90% mortgages.

I keep thinking if we go see a mortgage broker we will get laughed out of the place Grin

So, I have a good credit score, I think its good from last time I checked.

My husband needs to do one.

How many years does somebody need to be resident in the UK to apply for a mortgage, does anyone know? My husband is Australian, been here 2 years this month.

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CuppaZa · 06/07/2020 21:13

There are much less lenders willing to offer 90% mortgages right now, and lending criteria is really tough too. My sister has been offered MIP and she has to show 3 months worth mortgage repayments at point of full application.
Have you considered a new build and using help to buy?

CuppaZa · 06/07/2020 21:14

proof of 3 months mortgage repayments in bank account

bibs124 · 06/07/2020 21:14

I think it is due to COVID-19 that they are only offering 85%.. we had 95% mortgage in Jan 2019 but seems these are not being offered at the moment and neither are 90% mortgages

MaverickDanger · 06/07/2020 21:16

DH is Australian and had been here a year longer than your DH at the point at which we applied for a mortgage.

Because he didn’t have an extensive credit history in the UK, we had to put down a 25% mortgage.

MaverickDanger · 06/07/2020 21:17

*deposit, not mortgage.

strawberry2017 · 06/07/2020 21:26

We use London and Country to find our mortgage deals, they are completely free of charge because they get paid by whoever you take the mortgage with.
Highly recommend them. Everyone in my family has used them for years.

Original poster
ReturnofSaturn · 06/07/2020 21:26

Yes Maverick I was wondering about that. We don't even know if he has a credit rating yet.

I did a credit check with experian a couple of month back, how do you know if its good or bad etc it just gave me a number and no other info??

OP posts:
Original poster
ReturnofSaturn · 06/07/2020 21:27

Yes Maverick I was wondering about that. We don't even know if he has a credit rating yet.

I did a credit check with experian a couple of month back, how do you know if its good or bad etc it just gave me a number and no other info??

OP posts:
Apolloanddaphne · 06/07/2020 21:30

My DD and her DP are looking at a 90% mortgage and have gone through a mortgage advisor. There are not many products on the market at the moment it seems.

MaverickDanger · 06/07/2020 21:30

He set up the Experian check & for himself a credit card and other things to start building a score - his score was and still is very high, but the issue really was that they couldn’t verify a more extensive history as his credit only “existed” for two years.

We were very lucky that we had the 25% saved, but we also looked at our options for the mortgage just in my name & adding him later.

MaverickDanger · 06/07/2020 21:33

Also we were limited in the end to only using Halifax or HSBC I think, no one else would take a chance!

Original poster
ReturnofSaturn · 06/07/2020 21:34

Thanks for that Maverick. I'm guessing we will have no chance then, especially at the moment.

He's the main earner too. God we are destined to be forever renters Shock

OP posts:
SunInTheSkyYouKnowHowIFeel · 06/07/2020 21:40

Don't worry about being laughed at by a broker, anyone who did that would be completely unproffessional, this is a big deal for you, they will understand your concerns and its in their interests to help you find something, or if they can't, to give you realistic advice on how to work towards what you want.

The Australian thing might depend on what his Visa allows him to do, is there a time limit, does he have indefinate leave to remain etc. Different lenders will have different criteria and your broker can find out the best ones to use for your needs. It could be that you need to save more, or it might be that you need to go for a higher rate of interest for the first couple of years, but I'd say contact a broker & they will really try and help.

Redhair23 · 06/07/2020 21:46

I hope you get somewhere, it can be miserable renting. I would echo the other posters who are saying to try a broker, we used an independent one as had no luck with London & Country, we found them quite unhelpful and unwilling to work with an unusual set up.
It was well worth the fee we paid- about £1k I think.

blibblibs · 06/07/2020 21:50

This is so depressing. We've finally after 3 years of saving have 10% deposit saved and it's no longer enough 😔 and me being 45 already isn't good but the most frustrating thing is that a mortgage would work out about the same if not less than our rent each month 😔

Original poster
ReturnofSaturn · 06/07/2020 22:52

He's not on a visa suninthesky.
He has a British passport as both his parents were born in England.

Obviously, he still won't have much of a credit score though.

OP posts:
Original poster
ReturnofSaturn · 06/07/2020 22:55

I know bib, the last couple of years we haven't even managed to save sn extra two grand! So we only have pretty much what we started with years ago. Sad

OP posts:
Firebolt2020 · 06/07/2020 23:02

Have a look at Handelsbanken- we had never heard of them but they got recommended to us by a mortgage broker as we had unusual circumstances. They took a much more in depth & personalised approach rather than tapping into computer to see whether it’s yay or nay and had old fashioned interviews with an account manager. They were really helpful and supportive.

SunInTheSkyYouKnowHowIFeel · 06/07/2020 23:12

Ah sorry I missed that bit. Best of luck, I hope you find something!

mumsy27 · 07/07/2020 01:05

Bank of Ireland apparently are offering 90% mortgage.

Ajoor · 07/07/2020 01:09

Yikes! We were hoping to get a 95% mortgage later this year. Our jobs are rock solid, so this thread is infuriating!

Typical isn’t it... 🙄