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Help to Buy Guarantee Mortgage issues.
blondi82
Posts: 8 Forumite
We applied for a mortgage with 5% deposit scheme.
The bank advised us that we had a top credit score but failed the scoring for the government scheme even though we are within all the requirements.
The bank will lend to us but as we failed on the scheme we have to pay a 10% deposit.
Anyone else had this? It seems really odd that our score is good for the bank but not for the government scheme.
The bank advised us that we had a top credit score but failed the scoring for the government scheme even though we are within all the requirements.
The bank will lend to us but as we failed on the scheme we have to pay a 10% deposit.
Anyone else had this? It seems really odd that our score is good for the bank but not for the government scheme.
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Comments
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Pay the 10% deposit or try another lender.
The bank is telling you that your score is not good enough for them to lend you 95%.
You are not 'scored' by the Government scheme only by the lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Thanks for response, I cant make any sense of it.
Bank explained the bands and said are credit score comes really high and that were in the top band.0 -
You have failed the lender's credit score required for a 95% mortgage, even if the lender suggests you have a "top credit score," it wasn't top enough for 95%.
All the rest is flim-flam, the Government has nothing to do with the underwriting process.
As amn has suggested, take the alternative offer of 90% (as often happens to 95% applicants) or look for another lender which will offer you 95%.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 -
Looking forward to 5 1/2 weeks time when lenders won't be able to get away with these amateurish explanations to clients.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Forgive the addition, but you missed a bit!Looking forward to 5 1/2 weeks time when lenders won't be able to get away with these self-serving and amateurish explanations to clients.
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 -
Which bank was the mortgage with?0
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Thanks for your help all.
Time for a rethink when I first got the decision I thought if I am passing the banks score but not the governments it would me make no difference If I went else where but if this is the case I may try another lender.
We did the decision in principle about 6 weeks ago, when they also told us we had a good score and that they could confirm we qualified for all three government schemes, I am guessing they just meant by criteria not on the actual score though that’s not how they made it sound.
It was with natwest.
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I think Natwest are quite tough. Try another lender, maybe Halifax?0
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Find the LadyI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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