I do worry about my chances of getting a mortgage now as I'm approaching my late 30s & most of mates are halfway through paying theirs off. Really do feel like I missed out on having a 100% mortgage over 15 years ago.
Up until the age of 44 you can still obtain a 25 year mortgage… Plenty of time yet! A lot of those people who got that mortgage ended up being repossessed, unfortunately so I don’t think you’ve missed out on anything! You have so much time, get refocused and move forwards!
Thanks for this video been thinking aboit it for a while and couldnt quite work out the pros and cons ... i currently have the 5% but saving more to get to 10% whislt i wait for my IVA to come off my credit file too
If you have 10% already saved and may still decide to choose 5%, it would have been nice to see some examples of what the repayment difference would be. You say you get lower rates with 10% than 5% but typically how much lower? Is 0.2% or 20%, what would the monthly payment difference be, etc. Obviously, you can't be too precise but a worked example would have been nice. Lower monthly payments vs. cash to spend on furniture... Otherwise, a nice and clear vid, thanks.
I completely understand where you’re coming from, but as rates fluctuate so much the video would pass its sell by date very quickly if I gave examples. At the time of this video, the saving was quite good, but right now it hardly makes a difference whether you put 5% or 10% as a deposit, the rates are very similar. The advantage you do have is that you will have more chance in passing the credit score with a higher deposit. Thank you for watching!
Hey Alex! Thanks a lot for the video. What do you mean when you say " when your mortgage product ends and it's time to renew your deal, you can choose a 90% product" ? Do you mean at the end of fixed rate period (2-5 years) before you have variable rates introduced, you can over pay to make 95% a 90% LTV?
Hi Alex! Thank you for the amazing videos, they’ve been so helpful for me and my husband trying to get our first home. We are going with the 5% deposit option and have a meeting with a mortgage broker in a few days. My credit score appears excellent however my husband’s is “fair”. Do you think that might be a reason for our application to be rejected? Thanks very much!
Thanks for your kind words! Unfortunately, it’s impossible to say, without, having a look at a credit file, what the mortgage lender will view, a fair score as… Because you can have a good fair score, and a bad fair score… The main thing is, there are no missed payments.
Thank so much I really learn a lot on this video. I would like to ask that: I have been saving my student loan and grant over 2 years it’s okay for me to use it for mortgage deposit?
I’m afraid you will not be able to use this as a deposit… You could though use it to contribute towards the costs like solicitor costs for example. You cannot use loans and grants towards a deposit.
They are not going to be identical, you just need to watch out if one of them has no information on any of the columns… This means there is a problem pulling your credit profile into that report, commonly caused by missing voters roll records.
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Nice , the way your explanation is really good .
Glad you liked it!
I do worry about my chances of getting a mortgage now as I'm approaching my late 30s & most of mates are halfway through paying theirs off. Really do feel like I missed out on having a 100% mortgage over 15 years ago.
Up until the age of 44 you can still obtain a 25 year mortgage… Plenty of time yet! A lot of those people who got that mortgage ended up being repossessed, unfortunately so I don’t think you’ve missed out on anything! You have so much time, get refocused and move forwards!
@@alexkerrmortgage Such kind words, as I feel the same. Thanks for your videos!
@@saracal8768 thank you for watching!
Hi Alex wondering if you’d do a video breaking down all the current ‘predictions’ and what it means for first time buyers?
Interesting! Okay I will get this on my radar and sort some content out around this… Thanks for the suggestion!
Thanks for this video been thinking aboit it for a while and couldnt quite work out the pros and cons ... i currently have the 5% but saving more to get to 10% whislt i wait for my IVA to come off my credit file too
Definitely keep saving for now if a mortgage right now is not an option!
To answer the question: going for hopefully a 85% LTV if I can't make 80% by February!
Good luck, moving forwards!. Thank you for watching.
If you have 10% already saved and may still decide to choose 5%, it would have been nice to see some examples of what the repayment difference would be. You say you get lower rates with 10% than 5% but typically how much lower? Is 0.2% or 20%, what would the monthly payment difference be, etc.
Obviously, you can't be too precise but a worked example would have been nice. Lower monthly payments vs. cash to spend on furniture... Otherwise, a nice and clear vid, thanks.
I completely understand where you’re coming from, but as rates fluctuate so much the video would pass its sell by date very quickly if I gave examples.
At the time of this video, the saving was quite good, but right now it hardly makes a difference whether you put 5% or 10% as a deposit, the rates are very similar.
The advantage you do have is that you will have more chance in passing the credit score with a higher deposit.
Thank you for watching!
Hey Alex! Thanks a lot for the video. What do you mean when you say " when your mortgage product ends and it's time to renew your deal, you can choose a 90% product" ? Do you mean at the end of fixed rate period (2-5 years) before you have variable rates introduced, you can over pay to make 95% a 90% LTV?
Hi Aaron, sorry if it wasn’t completely clear, yes that is exactly what I mean!
Hi Alex! Thank you for the amazing videos, they’ve been so helpful for me and my husband trying to get our first home. We are going with the 5% deposit option and have a meeting with a mortgage broker in a few days. My credit score appears excellent however my husband’s is “fair”. Do you think that might be a reason for our application to be rejected? Thanks very much!
Thanks for your kind words! Unfortunately, it’s impossible to say, without, having a look at a credit file, what the mortgage lender will view, a fair score as… Because you can have a good fair score, and a bad fair score… The main thing is, there are no missed payments.
Thank so much I really learn a lot on this video. I would like to ask that: I have been saving my student loan and grant over 2 years it’s okay for me to use it for mortgage deposit?
I’m afraid you will not be able to use this as a deposit… You could though use it to contribute towards the costs like solicitor costs for example. You cannot use loans and grants towards a deposit.
@@alexkerrmortgage thank you
Hi Alex, how about a 20% deposit first time buyer? Thanks
The more you put in, the better the rate you will have, as long as you make the minimum tiers… The tiers are 5%, 10%, 15%, 25% and 40%.
do all three credit reports need to reflect exactly the same info? or is it okay if 2 of them are same compared to the 3rd one?
They are not going to be identical, you just need to watch out if one of them has no information on any of the columns… This means there is a problem pulling your credit profile into that report, commonly caused by missing voters roll records.