Mortgages

[cannon999]

Yup. 20% is the magic number to reach a good variety of options, generally speaking.

Doesn't make sense, the market returns well above the interest rate - I would rather dump money into stonks than overpay on the house.

[jamesbrown]

Doesn't make sense, the market returns well above the interest rate - I would rather dump money into stonks than overpay on the house.

It does make sense in terms of risk to the bank if the market crashes. That's why the majority of options w/ a 90% LTV disappeared at the start of the pandemic.

Meanwhile, I hope you have stonking success with your stonks.

[PCTNN]

I'm nationwide customer for 15 years had my previous mortgage with them and paid of very quickly. The max they will offer me doesn't even buy me a parking space in London.

Don't know what to tell you

I'm sure your circumstances are completely different from mine.

As someone has already said, the key factor seems to be the deposit.

Last year I applied for a mortgage with a bank I had been customer of for almost 10 years. Had a 15% deposit because that's what our useless broker recommended and got rejected. Moved all my money to another bank because feck you obviously...

Recently I applied with Nationwide, I'm not a customers (although my partner is, and she's also in permanent employment), never have been, but I put up a 20% deposit, and got an offer within 3 weeks, despite having 2 months on the bench in November and December 2020.

So yeah, if you can afford it, up your deposit.

[BlueSharp]

Just put an application in for a mortgage extention. Questions that came up have I had covid benifits, am I a critical worker and a max LTN of 80%. Direct with Metro bank who are using day rate.

Fingers crossed it approved end of the week.

[bownyboy]

We've just completed on a remortgage from Halifax where our 5 year fix was coming to and end to Nationwide on another 5 year fix at 1.44%.

I called Halifax in September and October and they refused to talk about remortgage options until 6 weeks before the end of our fix which would mean only 20 working days to sort due to Christmas and New Year. They obviously didn't want our business.

So I called up Nationwide and we were put through to the team that deals with contractors and it was a breeze. They did need SA302s and Personal Tax Year overviews.

Our LTV is very low, so that would have helped.

[northernladuk]

Our LTV is very low, so that would have helped.

Looking at the current climate this bit will have not just helped but be absolutely key to it going smoothly. Being a low risk equity rich client is mana for heaven for them so will be no surprise it's been a breeze. It's just people in slightly more complex situations they seem to be letting down at the moment.

[Paralytic]

Our LTV is very low, so that would have helped.

It would help if you said what your "very low" LTV is. To me, that means it is less than 20%, to others, it might indicate less than 40%.

[bownyboy]

It would help if you said what your "very low" LTV is. To me, that means it is less than 20%, to others, it might indicate less than 40%.

10%


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[Eirikur]

Ok finally found a mortgage provider that is willing to lend me what I need, Santander in my case.

[Scruff]

My wife in an independent Mortgage Consultant. She is busier now, than she has ever been. There are more and more moving outside London...