Mortgage Advice Please

cazzercoo

Hi all,

need a bit of advice me and my hubby have got £40000 deposit we are looking at buying a new build at £160000, initially i was looking at the first buy scheme, i earn £15500 a year and my Hubby is on £21000. However Huby has some adverse credit this includes defualts on two loan and three credit cards going back to 2008.
Now I have spoken to my bank and I have an AIP in my name for £86000, We were not going to include him and were going to use the First buy scheme, unfortunatley this is becoming something of a battle and i was wondering if there was any lender that would except my Husband on the Mortgage bearing in mind we have 25% deposit and combined income of £36000 and my credit record is very good?

also his experian credit score is 865 and saying fair but i do know that this is a spurious number!

Any I ideas on the best way to go should we have a go at a joint mortgage or should I persevere with The Firstbuy fiasco

Thanks in advance

jamesml

Whats going wrong with the firstbuy scheme?

Best thing would be to contact a whole of market broker and ask them I would say.

cazzercoo

Hi
Firstbuy have been a total nigthmare so far, I am currently on to day 15 of the process, and so far everytime I produce evidence that they require they accept it then ask for another peice of information, which I then produce have to wait days to be told that, they need something else!! i am now on to my fourth assesser with one going on holiday and not passing my case on, and they are currently saying that I earn £12660 from my pay slip, with it taking 4 days for them to mention that a signed copy of my employment contract would suffice as evidence.

This is not to mention that there website clearly stated that mortgage terms of more than 25 years are perfectly acceptable( the reason why i primaraly looked for a longer Mortgage term) to then be told this is not true, when i directed them to FAQ section of thier website that stated this they promptly changed it within the hour but did not bother to reply to me for another 2 days and even then they could not explain why thier website said this!

I have now washed my hands of them and passed the whole case over to a IFA and he is starting again!

hence It would be really pleasant if I did not have to have these people in my life!! Rant Over LOL :rotfl:

Dave_Ham

With a 25% deposit you can choose whether firstbuy or another property in joint names is for you.

Given this deposit and the dates the defaults are registered, there should be a solution so leave it with your IFA and let him know your priority.

Good luck

cazzercoo

Hi Dave,

Thanks for reply, I have asked my IFA to take a look at my Husbands Credit reports and see if there is a way to avoid First Buy.
I was just looking for advice in the meantime as i am awaiting payslips for my husband I can then pass everything over to him. Also my Husband doesnt have a current account would this be a problem do you think or would it be a case of moving to joint accounts?

Dave_Ham

How is he paid, if not into his current account?

cazzercoo

He gets paid into my account, has done for years

Dave_Ham

That will be an issue for some lenders, although would still expect a solution in joint names.

cazzercoo

OK thanks I will get everything to my FA and see what happens, thanks for your help