clydesdale 95% mortgage advice

have_faith

My husband is looking to apply for a 95% mortgage with Clydesdale (FTB). It will be a sole application in his name as I'm currently repairing my credit rating. He earns roughly 35k a year, has loan payments of £120 a month, and we have 2 children. The house we want to buy is £92,500, so with 5% deposit we are looking for mortgage of £87,875. He has no debts other than loan but has one 1 on his credit file from a mobile bill that was paid late. Apart from loan and phone, he has no other credit. He can comfortably afford the mortgage, have saved up the deposit as well as money for furniture fee's and so on.

My question is, is he in a strong position to be accepted. There really is not much on his credit file, so will this be looked upon negatively?

ACG

When was the 1 on his file dated?

Also you say your repairing your credit rating... are you financially associated? This could cause problems especially at 95% LTV.

have_faith

No not financially associated at all and the 1 was dated in November 2011.

have_faith

Would really like to hear any success stories or advice anyone has... Or does anyone know of any other 95% mortgages available? So far Clydesdale appears to be our only option...

ACG

Its going to come down to credit scoring, i have never used Clydesdale but 95% products in general are pretty fussy. I suppose if thats the only issue and everything else is green then you are probably going to be ok - but dont hold me to that.

marshmallowkisses

I'm hoping to make a joint mortgage application this week with my partner for this 95% product. Like I've been advised you should just try and stop "procrastinating" - best of luck!

have_faith

marshmallowkisses wrote: »

I'm hoping to make a joint mortgage application this week with my partner for this 95% product. Like I've been advised you should just try and stop "procrastinating" - best of luck!

And to you! Have now put in application so fingers crossed.

Thrugelmir

You would viewed as a dependent irrespective of whether you are named on the mortgage or not. If not then "you" may well impact affordability calculations from the lenders point of view. Your 2 children certainly will.

have_faith

Just wanted to update that we have just had a call from Clydesdale today, and my husband has been approved for his mortgage! Completely over the moon! Obviously things could go wrong, but this was was our biggest worry! So there's hope for others in a similar position!

marshmallowkisses

Excellent news! Do you mind me asking how long the decision took - as we are putting our application in with the MA at CB tomorrow

have_faith

All documents were submitted on Thursday of last week, so took exactly a week for them to get back with a decision. Obviously just make sure you take everything with you to make sure theres no hold up I guess! Hopefully you won't be long!