Mortgages

[cricketbackinengland]

Things might be changing. We have been offered a mortgage with HSBC with as little as only a 10% deposit. We are putting more down but I thought I would post that a 10% is possible. You need to pay a slightly higher rate though.

You need at least 3 payslips and you need to be in full time work on a permanent contract. If you been out of the UK for longer than 12 months you won't get a mortgage until you;ve been back 12 months at least so renting is a good option.

Another tip. Lots of houses up for sale and to rent. It's worth looking to see if you can rent a house that you might want to buy later. A good, fair offer is usually accepted and it saves you having to move twice!

[chris955]

That's very helpful news. We wont be getting a mortgage luckily but having said that if a more expensive house came along that we really loved we might consider a 10% mortgage, I wonder if it would be easy to get one of those considering the bank would literally own 90% of the house ?
We have had an HSBC account in the UK for a couple of years now which might help as well.

[fleabo]

I think I read Northern Rock are doing similar.

[chris955]

You will probably find many more will start doing the same to kickstart things.

[Nick and sez]

Natwest are doing Arrangement fee free rates at the Mo if you take up their Advantage Gold account which is £12.99 per month plus you get other benefits, i have just saved a £999.00 arrangement fee, once you have the mortgage you can always cancel the Account...

Of Course this is different if you are comnig back from Aus, but if you have a low LTV they will love you, i have been keeping an eye on the lending market for a long time...

Also the best place to find the most up-to-date rates for fixed and variavle rate maotgages is BBC 2 Ceefax page 200...

Trust me a mortgage broker i know could not even find the rates on his computer for the Leeds BS, but on BB2 they had the best fixed rate...

Useful info, as Shaw Taylor would say KEEP EM PEELED..

[chris955]

What is a low LTV ?

[janinewhiteley]

Hi
just to clarify
i am a mortgage adviser for Nat west
We have always been on the market for 90% ltv(loan to value)
There are several deals with us currently if you are a first time buyer..e.g no fee's(saving a poss £999 product fee)
Also there are advantage gold deals out there but currently they are only available for 75% ltv and below. So the larger the deposit the better deal you get as you are not classed as a high risk to the bank.
We have never stepped of the mortgage ladder as a bank and although a lot of mortgage providers have started to show new deals , we never abandond the customers and i feel this has been miss led by the press.
Shop around guys before you buy!!!!

[chris955]

Thanks for that. A hypothetical question for you, if someone who had newly arrived back in the country was buying a house and wanted say a 10% (LTV) how hard would it be to get from the point of view of work and earnings etc ?
Thanks

Hi
just to clarify
i am a mortgage adviser for Nat west
We have always been on the market for 90% ltv(loan to value)
There are several deals with us currently if you are a first time buyer..e.g no fee's(saving a poss £999 product fee)
Also there are advantage gold deals out there but currently they are only available for 75% ltv and below. So the larger the deposit the better deal you get as you are not classed as a high risk to the bank.
We have never stepped of the mortgage ladder as a bank and although a lot of mortgage providers have started to show new deals , we never abandond the customers and i feel this has been miss led by the press.
Shop around guys before you buy!!!!

[janinewhiteley]

Thanks for that. A hypothetical question for you, if someone who had newly arrived back in the country was buying a house and wanted say a 10% (LTV) how hard would it be to get from the point of view of work and earnings etc ?
Thanks

Hi
you would need to have a bank account in the uk and have a min of 3 months wages going through the bank account.
You would also need evidence that it is a perm job , so a letter of contract.
As a bank we no longer work on times your salary. we now work on affordibilities.
So , as long as you have a free income then the mortgage is affordable.
hope this helps.
janine

[landv]

Hi
you would need to have a bank account in the uk and have a min of 3 months wages going through the bank account.
You would also need evidence that it is a perm job , so a letter of contract.
As a bank we no longer work on times your salary. we now work on affordibilities.
So , as long as you have a free income then the mortgage is affordable.
hope this helps.
janine

Hi,

What about credit history or shall I say the lack of it.
We will be gone 5 years, will have no credit history in the Uk, would the bank class us as "high risk" and therefore higher interest rates on the mortgage?
We will be looking at 50% LTV.
Thanks.