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Government help to buy scheme
Farside
Posts: 313 Forumite
I'm looking at buying a pre lived home, so the government help to buy scheme (mortgage guarantee) looks the best for me.
The property i want is £89,950. I have had a DIP from nationwide BS for £65,000 (the underwriter said that is the absolute max they'd lend me), i have £11,000 for a deposit and also £1,800 for any fees / costs that I'll incur.
I have been bankrupt in the past (over 8 years ago now though) but as i had a credit card from near enough every lender in the UK which ended up being defaulted, i reckon it'll be hard to get a mortgage with other lenders as the bankruptcy is kept in their systems for life.
I have checked my credit report and it is very good, nothing bad on there at all now. In the past 8+ years i have never missed any payments or had any bad credit at all.
I have a £2,500 loan from Nationwide that was to be paid back over 2 years, this is almost paid off now (about 4 more months to go), nationwide told me that as long as its less then 6 months to go then it wouldn't effect the mortgage application at all. i have a few creditcards which i don't owe anything on, i rarely use these now.
Does anyone know which lenders would be best to try? Ideally it would be nationwide but they don't do the mortgage guarantee, not yet anyway, they haven't decided if they are going to do it.
Thanks in advance
The property i want is £89,950. I have had a DIP from nationwide BS for £65,000 (the underwriter said that is the absolute max they'd lend me), i have £11,000 for a deposit and also £1,800 for any fees / costs that I'll incur.
I have been bankrupt in the past (over 8 years ago now though) but as i had a credit card from near enough every lender in the UK which ended up being defaulted, i reckon it'll be hard to get a mortgage with other lenders as the bankruptcy is kept in their systems for life.
I have checked my credit report and it is very good, nothing bad on there at all now. In the past 8+ years i have never missed any payments or had any bad credit at all.
I have a £2,500 loan from Nationwide that was to be paid back over 2 years, this is almost paid off now (about 4 more months to go), nationwide told me that as long as its less then 6 months to go then it wouldn't effect the mortgage application at all. i have a few creditcards which i don't owe anything on, i rarely use these now.
Does anyone know which lenders would be best to try? Ideally it would be nationwide but they don't do the mortgage guarantee, not yet anyway, they haven't decided if they are going to do it.
Thanks in advance
0
Comments
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If you want to buy for £90k with an £11k deposit, you need a £79k mortgage. If Nationwide is only going to lend you £65k, you need another lender.
HTB - MG does not get you a bigger mortgage than affordability permits. It merely allows you to out down a smaller deposit. As you have over 10% already, the scheme is of no benefit to you.
Your best option is a whole market broker who can get you the amount and lender to best suit your needs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
roughly how much do whole market brokers charge?0
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Some are free, I paid £250 but got a deal I was more than happy with.0
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