Help to Buy Scheme - Not the Best Credit Rating

BMW1981

Hi All,

First post on the forum. Im appealing to all mortgage brokers, your advise would be much appreciated.

My wife and i are looking to buy a property on the Help to Buy Scheme.The value of the property is £310,000

We have the 5% deposit and are negotiating with the developer on incentives they could offer.

I earn £57,500 basic salary with an annual bonus of around £10,000 my wifes works part time and earns £10,000 per year (no bonuses)

My wife has a perfect credit rating, mine could be better, couple of missed payments on a loan 12 months ago, but loan fully paid off in July 2012. Couple of credit card but only £350 on one and £600 on the other.

Currently in rented accomodation as we sold our previous property to move to a new area which the property we are looking to buy is in.

My main 2 questions are:

1) Do you think i would be accepted by a lender on the help to buy scheme? As it says we only need a 75% mortage

2) Would we be accepeted by the Home Buy Agent (Orbit is the one covering our area)

Any help or advise would be appreciated.

Thrugelmir

BMW1981 wrote: »

1) Do you think i would be accepted by a lender on the help to buy scheme? As it says we only need a 75% mortage

You'll need to demonstrate that you can afford to repay the other 20%.

kingstreet

This sounds fairly straightforward.

It's under 3.5x joint basic incomes and you have no major credit commitments.

You need to get a mortgage agreed in principle, then make a reservation with the developer. They will do the PIF with you and attach the Reservation Form and PIF and submit them to Orbit. The usual turnaround time is four days, but these are dragging at the moment.

Only one lender is signed up to HTB at the moment, so I hope your record with HBoS/LBG is good.

BMW1981

Kingstreet, i really appreciate your reply.

Would you be interested in assisting me or do you only look after clients in your local area?

I am based in Milton Keynes

kingstreet

I don't personally, but my colleague Peter covers a development down there for one of the major builders. If you PM me your email address, I'll email you an Initial Disclosure Document which explains our service, remuneration etc and a basic data capture form so you can give us the info we need.