Trying to Get Hold of a 90% Mortgage? - You Need to be FAST!
Over the last couple of weeks we've seen a couple of lenders dipping in and out of the 90% market for literally one or two days at a time. Accord came in for just two days and TSB for just one day!
As of the time of writing, HSBC have temporarily withdrawn from the market, leaving just Nationwide and Virgin offering 90% deals for First Time Buyers (albeit with a number of conditions). These include, limiting the term to a maximum of 25 years and only allowing the mortgages for houses or bungalows (no flats or maisonettes).
So, if you need a 90% mortgage you need to be quick (and prepared). Make sure you have all the documentation ready to apply upfront.
In preparation for your mortgage application, make sure you have a list of all your credit commitments, Valid Identity (such as a passport or drivers licence) , your past three months payslips (13 weeks if you are paid weekly) and Bank statements.
If you want to take bonus payments into account, they will likely want to see proof of earning these over the last couple of years, so make sure to provide those payslips too.
Self employed applicants will need to provide their last three years Tax Calculations (SA302's) and the corresponding Tax Year Overviews.
Your home may be repossessed if you do not keep up repayments on a mortgage