Chances of getting mortgage for help to buy scheme?

derbychris

Hi all,

Sorry if this scenario is posted regularly. I appreciate for a definitive answer I am best to see a broker but am just after some initial advice please?

My wife and I will be moving in a few months. Currently she has a mortgage just in her name from when she was working full time. This allowed us to borrow enough to purchase our current house, however she is now part time as we have a son now.

We were going to rent for the foreseeable future as I completed an IVA last October and we'd need my salary to be able to now borrow the extra we need to purchase a house where we want. However I've looked on experian and the iva register and there's no record of it. My credit score is 820 and I currently have 3 defaults on loans, two show satisfied other one a balance of 4k but should also be satisfied once updated.

Do you think we would have a chance with a mortgage seeing as there appears no record of my iva for some reason? With my increase risk due to my history I know we'd need a larger deposit - would a help to buy scheme be a possibility as the government loan would effectively give us the larger deposit?

Any help would be great, sorry if I'm coming across simplistic with this

mattsday

I was unable to use Help to Buy to obtain a mortgage with a £41.50 default about 2 years old from a mobile phone company.

They scored me as the same risk as someone with 95% LTV, even though they would give me preferential 75% rates.

A big problem with H2B is that you limit yourself to 5 or 6 lenders and they can be very picky under the scheme.

Definitely see a broker.

derbychris

Thanks for that, yes I've looked at the htb criteria and don't think I'd meet it with my credit history ...