Before COVID I had an agreement in principle but there were few properties on the market so it stalled the process of getting a property. I found a property last week at £300k, and put in an offer after viewing. My annual salary is £60k and I have a 10% deposit. The broker came back advising he only got 75% LTV because of my credit and that the banks he contacted have decreased their LTV. I’m really crushed, this was totally unexpected due to the fact that I had an agreement in principle earlier this year. Can you assist me get a 90% mortgage please. I’m a first time buyer. Thanks
Unfortunately there are a fraction of lenders at 90% loan to value for standard credit applications and the specialist lenders have all increased their deposit requirements.
Depending on your specific credit history, there are still specialist options with a 15% deposit but you will need to be assessed for suitability of these.
Alternatively, there are specialist lenders still operating within the Help To Buy market and therefore buying a newly built home requires only a 5% deposit
Sorry it is not better news
Thank you for the taking your time to reply and explain.