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Mortgage advice for first time buyers
alexia88
Posts: 28 Forumite
Hi everyone,
I'm hoping someone can give me some advice if possible, apologies in advance if this is a rrreeaaalllly long thread.
No one really gave us much advice when we were trying to buy a house, we put an offer in for a flat on Saturday and the offer has now been accepted.
We'd originally been getting our mortgage through a broker, we had applied for a 90% LTV, once we put our offer in the broker credit checked us and have advised that the lender will only provide us with 80%, this is not a problem, my mum and dad have agreed to pay the extra 10% that my partner and I had saved.
In a panic, my partner applied for a mortgage with Natwest yesterday (before we knew that our parents could top up the deposit) and we passed the initial credit check, but were referred to an underwriter. I have checked my credit on Equifax and it is pretty low, I made a few late payments on a store card about 4 years ago when I was a student but everything else credit wise is excellent (credit part of check says good, everything else excellent).
If the underwriter declines the mortgage application, would we still be able to go ahead with the 80% proposed from the broker or are we likely to have that declined now as well, it says that the credit check was 'opt in' from Natwest, does this mean my partner's credit is being looked at as well and may balance mine out?
I feel pretty bad on my partner, his credit rating is excellent and I feel like I'm letting him down.
Any help that you can give would be brilliant.
I'm hoping someone can give me some advice if possible, apologies in advance if this is a rrreeaaalllly long thread.
No one really gave us much advice when we were trying to buy a house, we put an offer in for a flat on Saturday and the offer has now been accepted.
We'd originally been getting our mortgage through a broker, we had applied for a 90% LTV, once we put our offer in the broker credit checked us and have advised that the lender will only provide us with 80%, this is not a problem, my mum and dad have agreed to pay the extra 10% that my partner and I had saved.
In a panic, my partner applied for a mortgage with Natwest yesterday (before we knew that our parents could top up the deposit) and we passed the initial credit check, but were referred to an underwriter. I have checked my credit on Equifax and it is pretty low, I made a few late payments on a store card about 4 years ago when I was a student but everything else credit wise is excellent (credit part of check says good, everything else excellent).
If the underwriter declines the mortgage application, would we still be able to go ahead with the 80% proposed from the broker or are we likely to have that declined now as well, it says that the credit check was 'opt in' from Natwest, does this mean my partner's credit is being looked at as well and may balance mine out?
I feel pretty bad on my partner, his credit rating is excellent and I feel like I'm letting him down.
Any help that you can give would be brilliant.
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