Can we get a mortgage?

ixxi212

Can we get a mortgage?

House price: £300,000.00 (I live in London)
Deposit: £20,000.00
Amount currently saved for extras (Stamp Duty etc): £10,000.00
Income 1: £29,000.00
Income 2: £50,000.00
Both credit scores are currently at ‘excellent’ despite a few past missed payments for both.

We are thinking of going through the help to buy scheme as we have a smaller deposit and have gone to NatWest and had the mortgage approved in principle (haven’t done the credit check etc). However I know they are very strict about who they will allow to go through this scheme and as we have had a few missed payment in the past (not since 2012) I worry we would not be approved. Would this be our best option? Can anyone help?

R_P_W

ixxi212 wrote: »

Can we get a mortgage?

House price: £300,000.00 (I live in London)
Deposit: £20,000.00
Amount currently saved for extras (Stamp Duty etc): £10,000.00
Income 1: £29,000.00
Income 2: £50,000.00
Both credit scores are currently at ‘excellent’ despite a few past missed payments for both.

We are thinking of going through the help to buy scheme as we have a smaller deposit and have gone to NatWest and had the mortgage approved in principle (haven’t done the credit check etc). However I know they are very strict about who they will allow to go through this scheme and as we have had a few missed payment in the past (not since 2012) I worry we would not be approved. Would this be our best option? Can anyone help?

How can you have an excellent credit history with missed payments?

sulphate

As far as I am aware to go through the help to buy scheme you will probably need to be squeaky clean. Consider going through a broker.

You will need more than £10k for stamp duty and fees etc because stamp duty alone on a £300k house will be £9k and costs for the solicitors/survey and valuation/mortgage setup fee as well as moving costs can quite easily tip you over £2k.

ixxi212

R_P_W wrote: »

How can you have an excellent credit history with missed payments?

I don't know but that is what Equifax sais, maybe its because we havent had any for a couple of years and have always used credit cards well since then?