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Thread: Mortgage Advice?

  1. #1
    Resident Hippy Mod CraigSt.Clair's Avatar
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    Default Mortgage Advice?

    Looking for a 95% mortgage deal, anyone have any good ideas? I am searching like hell but getting nowhere

    Cheers ya'all
    http://www.facebook.com/craig.st.clair666 ME


    "That was how i got my first soapy titwank!
    Listening is cool and shit." BlackdogMMA

  2. #2

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    Good luck , you will be very lucky to get one.

    You might be able to if say someone puts 20k for example into a high interest account as kind of a bond for so many years that is linked to the mortgage.

  3. #3
    Resident Hippy Mod CraigSt.Clair's Avatar
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    Quote Originally Posted by scotty_82 View Post
    Good luck , you will be very lucky to get one.

    You might be able to if say someone puts 20k for example into a high interest account as kind of a bond for so many years that is linked to the mortgage.
    That's all I've found so far dude, just you know what it is like on here the wealth of random knowledge is scary like so thought I'd ask
    http://www.facebook.com/craig.st.clair666 ME


    "That was how i got my first soapy titwank!
    Listening is cool and shit." BlackdogMMA

  4. #4

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    Quote Originally Posted by CraigSt.Clair View Post
    Looking for a 95% mortgage deal, anyone have any good ideas? I am searching like hell but getting nowhere

    Cheers ya'all
    Dude, the market has changed. Fixed rates are being pulled off the market right now as they anticipate a hike in the bank of england base rate, which the government do to try to control inflation (which is spiralling).

    The "clean" high street lenders have long since stopped the 100% and 95% mortgages. Best you'll get now is a 90% at best. Most are looking for 15-25% deposits.

    Moneysavingexpert.com is a good resource. Also look at shared ownership schemes where its a combo of renting a portion of your house and and buying it little by little over time. The government are pushing these due to the recession. direct.gov.uk will give you lots of good advice.

    Stapes
    Last edited by stapesmk1; 23-01-2011 at 08:08 PM.
    Michael Stapleton stapesmk1@hotmail.com (Not Martin Stapleton)

  5. #5

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    Seemingly another trick is for them to accept you on principle for say a 90% mortgage , you then go and put in an offer and finalise numbers , go back to the bank to finalise the same numbers with them and then they say the market has changed and they need another 5% for the deposit .

    So they have lured you in with a promise then send you away desperate to find that extra 5 %

  6. #6
    Resident Hippy Mod CraigSt.Clair's Avatar
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    Quote Originally Posted by stapesmk1 View Post
    Dude, the market has changed. Fixed rates are being pulled off the market right now as they anticipate a hike in the bank of england base rate, which the government do to try to control inflation (which is spiralling).

    The "clean" high street lenders have long since stopped the 100% and 95% mortgages. Best you'll get now is a 90% at best. Most are looking for 15-25% deposits.

    Moneysavingexpert.com is a good resource. Also look at shared ownership schemes where its a combo of renting a portion of your house and and buying it little by little over time. The government are pushing these due to the recession. direct.gov.uk will give you lots of good advice.

    Stapes
    Some good advice dude, cheers I'll have a look at that like
    http://www.facebook.com/craig.st.clair666 ME


    "That was how i got my first soapy titwank!
    Listening is cool and shit." BlackdogMMA

  7. #7

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    Quote Originally Posted by scotty_82 View Post
    Seemingly another trick is for them to accept you on principle for say a 90% mortgage , you then go and put in an offer and finalise numbers , go back to the bank to finalise the same numbers with them and then they say the market has changed and they need another 5% for the deposit .

    So they have lured you in with a promise then send you away desperate to find that extra 5 %
    To be fair, that isnt what actually happens. Sounds straightforward but mortgages are anything but simple and you need a good adviser (I dont do it anymore so Im not trying to get anyones business!).

    If you think of mortgages as "products" much like bread and milk on the supermarket then the supply of products is finite, in other words they only have so much of it. Believe me, when I worked as a mortage broker, telling irate customers the deal had gone was a weekly if not daily occurence when the credit crunch kicked in, sometimes with less than an hours notice from the banks. Always by a shitty little email aswell. The Agreement in Principle (AIP or Decision in Principle DIP) really only means you've passed their credit score and they are happy to proceed pending further satisfactory info. It doesnt mean youve got the deal at all and people need to realise this. In simple terms, they like the look of you and think a deal is on, but theres a lot more to be done before its settled.

    Without overloading anyone with the bullshit, lenders basically put a certain amount of money in a number of pots and in turn each pot is set aside for a product.

    Quixck EG
    Pot A has 1m in it for Product A. Product A is a 2 year fixed rate at 3.5%
    Pot B has 1m in it for Product B. Product B is a 2 year fixed rate at 4.5% and so on.

    Each mortgage deal is a product, with the specific features of the product pre-determined and "boxed" up (eg booking fee, loan to value ratio, type of house they will lend on etc etc). A lot of people mistakenly think that each deal is unique and tailored to the customer and that funds are unlimited. They are not. Even more mistakenly, some people think they can barter a deal. That may work with used cars, but not mortgages unfortunately. A lender is selling a product, if you qualify, you take it or leave it. but just like you cant ask Tescos for a few extra slices in your loaf, the mortgage product remains the mortgage product.

    Now, the way banks and lenders work is, they are constantly counting the money in all their different pots and swishing it around on an hourly basis. There a few different reasons why a deal will be pulled at short notice, but it is almost always for one of two reasons. Either to reduce the amount of risk the lender is exposed to or because the pot holding the funds for a product is running low. If its because the pot of money is running low, they may move money from elsewhere into that pot and bring the product back out in a few days or weeks. They may also review and slightly change a few features on that deal before it comes out.

    Hope that helps a little. Dont get me wrong Scot, banks and lenders (and a lot of brokers) are scum. But even they cant lure you in with a false deal.

    The banking code, the mortgage code and the financial ombudsman are all ports of call if anyone tries to fuck you over.



    Stapes
    Michael Stapleton stapesmk1@hotmail.com (Not Martin Stapleton)

  8. #8
    I'm Spartacus! jim2007's Avatar
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    A lot depends on what you incoming finances are like and therefore what they say you can afford.

    Most insist on 10% but ultimately it will depend on the valuation of the property against the asking price so is likely to fluctuate.

    I recently had a broker have a look for me and I think Natwest was the best and offered the most. Get an independant broker to do it for you and when they come back to you with the best deal go all quiet on them, make up some excuses and say that you don't want to go with it at the moment. Then you can deal with the company direct and run through an application.

  9. #9

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    With all due respect that is a total cunts trick and one of the reasons I was made redundant, despite taking no fee from customers. Complete cunts trick. You wouldnt not pay a sparky or a plumber after theyve grafted for you would you? Bang out of order. Besides, if you stick with an independant broker, you only need to have them order one credit check. They can then use this to decide on the right mortgage for you. If you approach bank after bank directly, you rack up credit checks, which leave "footprints", affect your score and arouse suspicion with a potential lender.

    I'd suggest looking at all the main lenders websites and prinintg out a copy of their product ranges. Pay attention to how much deposit they require, the max they will loan on a house and the way they calculate how much they will loan to a customer (some use formulas, some use your disposable income minus outgoings, times by 3, 3.5, 4 etc etc) Your credit score and your specific needs will dictate which one you could qualify for. moneysavingexpert.com has enough info to give you the skills to sort your own mortgage out with a good lender. But people forget all the extra shit an independant broker can do for you, like chasing up valuers, solicitors and underwriters to get your deal through quicker. Leave it to the lender and your file just gets shuffled to the bottom of the next persons in tray and you have to wait for the cogs to turn as quick as THEY want. you could miss your completion day if anyone in the chain holds things up.

    Stapes
    Michael Stapleton stapesmk1@hotmail.com (Not Martin Stapleton)

  10. #10

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    Stapes the weird think was they were in principle saying on our incomes we could borrow well over 200k but we were only wanting to borrow 100k minus the deposit of 10%. Thats when it all went tits up .

    Anyway we scrapped off lloyds and went with an independent and secured one no probs, to add to the hate ill mention estate agents, they also suck balls.

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