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  • FIRST POST
    • ameliaroseob
    • By ameliaroseob 13th Oct 16, 5:45 PM
    • 6Posts
    • 0Thanks
    ameliaroseob
    AIP- will mortgage be approved
    • #1
    • 13th Oct 16, 5:45 PM
    AIP- will mortgage be approved 13th Oct 16 at 5:45 PM
    Hi,
    Myself and my partner are currently trying to purchase our fist home using the help to buy scheme. We are hoping to buy a new build by Bellway and are using the New Homes Group broker.

    We have just been given a mortgage in principle and now hope to apply for the mortgage in around three weeks. We were unsure if we would be approved as my partner does not have a perfect credit score as he missed two payments on a credit card 4 years ago. The mortgage broker has suggested we are now very likely to get the mortgage approved now however I am still unsure. Would missed payments show up on a soft check credit search? We really have our hearts set on purchasing the property now but do not want to have unrealistic expectations. Any more information on the likelihood of being approved would be very helpful. The AIP was given through Halifax if this is of any significance?

    Many thanks in advance.
Page 1
    • muhandis
    • By muhandis 13th Oct 16, 5:58 PM
    • 210 Posts
    • 82 Thanks
    muhandis
    • #2
    • 13th Oct 16, 5:58 PM
    • #2
    • 13th Oct 16, 5:58 PM
    Assuming that the broker knew of your missed payments when placing you with Halifax, I don't see any obvious reason why the application might not go through, provided the information provided for the AIP can be substantiated when making a full application.

    Hi,
    Myself and my partner are currently trying to purchase our fist home using the help to buy scheme. We are hoping to buy a new build by Bellway and are using the New Homes Group broker.

    We have just been given a mortgage in principle and now hope to apply for the mortgage in around three weeks. We were unsure if we would be approved as my partner does not have a perfect credit score as he missed two payments on a credit card 4 years ago. The mortgage broker has suggested we are now very likely to get the mortgage approved now however I am still unsure. Would missed payments show up on a soft check credit search? We really have our hearts set on purchasing the property now but do not want to have unrealistic expectations. Any more information on the likelihood of being approved would be very helpful. The AIP was given through Halifax if this is of any significance?

    Many thanks in advance.
    Originally posted by ameliaroseob
    • ameliaroseob
    • By ameliaroseob 13th Oct 16, 6:09 PM
    • 6 Posts
    • 0 Thanks
    ameliaroseob
    • #3
    • 13th Oct 16, 6:09 PM
    • #3
    • 13th Oct 16, 6:09 PM
    Yes the broker was aware and didn't seemed concerned but this seeemd quite unusual to me. I know Experian and equifax can't be taken as certain, but his credit rating is poor according to these. It's all very confusing. We have now paid money to a solicitor and will shortly have to pay the broker before our application is processed. As a sceptic I feel as though the broker might just be after our money rather than helping us get the best mortgage available.
    • muhandis
    • By muhandis 13th Oct 16, 6:18 PM
    • 210 Posts
    • 82 Thanks
    muhandis
    • #4
    • 13th Oct 16, 6:18 PM
    • #4
    • 13th Oct 16, 6:18 PM
    The major portion of a broker's income is from the procurement fee (around 0.3% or so of the mortgage amount) paid by the lender upon completion of the mortgage. So personally I think it unlikely that he'd place you with a lender he wasn't sure of.

    Have you paid any fees to the broker and if so how much?

    As a sceptic I feel as though the broker might just be after our money rather than helping us get the best mortgage available.
    Originally posted by ameliaroseob
    • ameliaroseob
    • By ameliaroseob 13th Oct 16, 6:25 PM
    • 6 Posts
    • 0 Thanks
    ameliaroseob
    • #5
    • 13th Oct 16, 6:25 PM
    • #5
    • 13th Oct 16, 6:25 PM
    We haven't paid any fees yet but I believe it is £500 before the actual application goes through. So we stand to lose that, plus solicitor fees, plus reservation fee if we can not get mortgage in place.
    • amnblog
    • By amnblog 13th Oct 16, 9:01 PM
    • 8,846 Posts
    • 3,364 Thanks
    amnblog
    • #6
    • 13th Oct 16, 9:01 PM
    • #6
    • 13th Oct 16, 9:01 PM
    It is rare though not impossible for a case such as this to fail on credit score on full application if lending levels are unaltered.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 13th Oct 16, 9:44 PM
    • 30,016 Posts
    • 15,958 Thanks
    kingstreet
    • #7
    • 13th Oct 16, 9:44 PM
    • #7
    • 13th Oct 16, 9:44 PM
    When a full application is submitted, it will usually be accepted but may be referred to a business assessor due to the adverse if it's visible on Experian.

    Until the BA has accepted it, the valuation won't be instructed.

    As you are applying at 75% LTV max, possibly less with a bigger deposit, the scoring is less stringent and a couple of lates four years ago is a lot more acceptable than some of the stuff we've got through with Halifax in the last few months on HTB Equity Loan.

    Magic eight ball says you'll be fine...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ap1985
    • By ap1985 14th Oct 16, 9:35 AM
    • 260 Posts
    • 102 Thanks
    ap1985
    • #8
    • 14th Oct 16, 9:35 AM
    • #8
    • 14th Oct 16, 9:35 AM
    Hi,
    Myself and my partner are currently trying to purchase our fist home using the help to buy scheme. We are hoping to buy a new build by Bellway and are using the New Homes Group broker.

    We have just been given a mortgage in principle and now hope to apply for the mortgage in around three weeks. We were unsure if we would be approved as my partner does not have a perfect credit score as he missed two payments on a credit card 4 years ago. The mortgage broker has suggested we are now very likely to get the mortgage approved now however I am still unsure. Would missed payments show up on a soft check credit search? We really have our hearts set on purchasing the property now but do not want to have unrealistic expectations. Any more information on the likelihood of being approved would be very helpful. The AIP was given through Halifax if this is of any significance?

    Many thanks in advance.
    Originally posted by ameliaroseob

    Try stay positive. I just managed to secure a mortgage with a poor credit file. I was just like you worrying but as the late payments are old I wouldn't worry about it too much.
    Finally going to be a homeowner
    • lyates
    • By lyates 21st Oct 16, 4:49 PM
    • 1 Posts
    • 0 Thanks
    lyates
    • #9
    • 21st Oct 16, 4:49 PM
    • #9
    • 21st Oct 16, 4:49 PM
    We are in a similar situation. Awaiting a decision on a new build from Halifax. With the equity scheme and our deposit our LTV stands at 69%. I think the only thing that may let us down is that we have very little credit history.

    It is so nerve wracking.
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