FTB mortgage question

flickerty

My boyfriend and i are looking to buy a house and saw one we really like over the weekend which we're planning to make an offer on... so i'm trying to put my mortgage hat on in preparation. We're looking at going for the Natwest FTB deal which requires a minimum of 10% deposit, which is what we have. We also have the option of borrowing enough off my mum to make it up to 15%. Either way i think we'll be going for the same deal. This probably sounds like a silly question but would the lending criterea be a lot stricter with a 10% deposit rather that 15%, even within the same deal? Obviously I'd rather not have to borrow from my mum if i don't have to but don't want to jeopardise our chances of being accepted if i don't.

Also, we didn't get an AIP after a broker told us a while back not to bother as it uses a credit check and because the deals were changing so frequently that you couldn't guarantee the same deal would be available when you need it. Is this still the case or would we be better getting an AIP before making an offer?

Thanks for reading :rolleyes:

Mrs_Bumble

Criteria will be the same, as you say it is the same deal.

I personally agree with the broker you have already spoken to in relation to the AIP. Did he/she foresee any problems obtaining a mortgage?

Have you checked your credit files for any hidden treasures?

flickerty

Thanks Mrs Bumble. Ah ok so it shouldn't make a difference whether we put down 10 or 15% deposit then? Broker didn't forsee any problems but didn't do a thorough check of our finances. I've not had any problems with my credit and my partner's shouldn't be too bad but he thinks he has made the odd late credit card payment in the past, probably over a year ago - hopefully this won't have too big an impact... i'm currently nagging him to find out his score.

Mrs_Bumble

Get a copy of your credit file as the odd missed payment can have a drastic affect on a mortgage application especially at such a high LTV. Best to be prepared! Its not about the score it is about how many missed payments etc there are as these won't be viewed in a good light.