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First Time Buyers looking for some advice
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bertsquall
Posts: 10 Forumite
I have been lurking these forums for ages nervous to ask for help but here goes anyways.
Our Current Situation is me and my partner are looking to go for a joint mortgage spring next year.
My Overview
Full Time Job – 2 years in current employment £19,000. I have been told I will get a pay increase to £23,000-25,000.
Credit overview
2 Defaults:
£96 – Defaulted August 2009, Settled May 2013
£550 – Defaulted May 2008, Settled May 2013
Currently paying a monthly phone contract and Catalogue (done this to try and build up a credit score) which I have paid for the last 5 months with no late payments.
I have paid off a 2 1/2 year phone contract with two late payments in the final two months in 2009 and I have had a current account since I was 16 with Nationwide.
Currently have no debt against my name
Partners Overview
Full Time Job – 8 months in current employment £15,000 a year with a pay increase to £16,000 in the next few months.
Credit overview
1 Default:
£276 – Defaulted October 2010, Settled March 2012
She has several things on the file in the last two years where she has not missed a payment which includes a full payment on a loan, internet bills & phone bills and catalogue bills.
One thing that may be a concern is she has 5 late payments up to April 2011 as an Avon Seller but she did pay this off and it did not default.
Currently she has no debt against her name.
I just wanted a bit of advice. Will we have any hope of being granted a mortgage? We can have a 10% mortgage ready for a house in April 2014 but would we be able to do the Help to Buy with government loan with our situation? Our hope is to have a new house around £130,000 with the 20% Govt Loan it will take it down to £104,000 which we need a mortgage on (I hope I am correct with this) and we will have around £11,000-12,000 for a deposit ready.
Side note: We are doing the Save to Buy with Nationwide but I really don’t see us getting a mortgage with them with our current credit situation.
Our Current Situation is me and my partner are looking to go for a joint mortgage spring next year.
My Overview
Full Time Job – 2 years in current employment £19,000. I have been told I will get a pay increase to £23,000-25,000.
Credit overview
2 Defaults:
£96 – Defaulted August 2009, Settled May 2013
£550 – Defaulted May 2008, Settled May 2013
Currently paying a monthly phone contract and Catalogue (done this to try and build up a credit score) which I have paid for the last 5 months with no late payments.
I have paid off a 2 1/2 year phone contract with two late payments in the final two months in 2009 and I have had a current account since I was 16 with Nationwide.
Currently have no debt against my name
Partners Overview
Full Time Job – 8 months in current employment £15,000 a year with a pay increase to £16,000 in the next few months.
Credit overview
1 Default:
£276 – Defaulted October 2010, Settled March 2012
She has several things on the file in the last two years where she has not missed a payment which includes a full payment on a loan, internet bills & phone bills and catalogue bills.
One thing that may be a concern is she has 5 late payments up to April 2011 as an Avon Seller but she did pay this off and it did not default.
Currently she has no debt against her name.
I just wanted a bit of advice. Will we have any hope of being granted a mortgage? We can have a 10% mortgage ready for a house in April 2014 but would we be able to do the Help to Buy with government loan with our situation? Our hope is to have a new house around £130,000 with the 20% Govt Loan it will take it down to £104,000 which we need a mortgage on (I hope I am correct with this) and we will have around £11,000-12,000 for a deposit ready.
Side note: We are doing the Save to Buy with Nationwide but I really don’t see us getting a mortgage with them with our current credit situation.
0
Comments
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Your not going to get help to buy with those defaults.
You have to be perfect for them.
I think you need to get your credit reports down to a broker. 1 lender in particular may do this at 90% but aside from that i think i would leaning more towards a 15% deposit.I am a Mortgage AdviserYou 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.0 -
Are you buying a newbuild?
If not, there is no equity loan. You are confusing HTB - Equity Loan with HTB - Mortgage Guarantee.
Please clarify.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 -
Hi Kingstreet,
It was for a new build. I was looking at this one (cant post links as new poster) gov.uk/affordable-home-ownership-schemes/help-to-buy-equity-loans
To be honest I always thought with my defaults I would have no chance of getting help with any govt scheme.0 -
Help To Buy - Equity Loan has no credit status requirement. If it fits the affordability calculator and you can get a mortgage, you qualify.
Talk to a whole market broker for proper guidance.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 -
Thank you for the replies its much appreciated0
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