help to buy with settled defaults

saving2704

I expect this question has been asked so apologies - I did try & search for it.

Basically I just want to know if help to buy is possible with adverse credit? The adverse credit being defaults from between 5 and 2 years ago which have all now been settled.

Partners credit is great, we have a 5% deposit and shouldn't have any issues with affordability.

Thanks

kingstreet

On 95% you need to be spotless.

The scheme rules also prohibit lending to anyone who has a default registered in the last three years.

saving2704

kingstreet wrote: »

On 95% you need to be spotless.

The scheme rules also prohibit lending to anyone who has a default registered in the last three years.

Do you know if the criteria is online anywhere? I would have expected it to be on the help to but website but can't find it.

Thanks for your help

ACG

It will be on the lenders websites. Each lender has different criteria, some would want the defaults to be 6 years old.

Your not going to get a 95% mortgage with a default 2 years old. Once it hits 3 years there may be a lender or 2 who would consider it (depending on the rest of the case), but until then there is no chance.

Sorry to be so blunt, but it will save you time on the phone to lenders.

kingstreet

saving2704 wrote: »

Do you know if the criteria is online anywhere? I would have expected it to be on the help to but website but can't find it.

Thanks for your help

No, the scheme guide was supplied to lenders who set their own criteria within the Government guidance.

Once the adverse credit is more than three years' old, the lender decides whether it wishes to lend to you. There may be options then, but at 95%, I have my doubts.

Thrugelmir

Domino1108 wrote: »

Hi,

I have just been accepted for a 95% HTB mortgage and I have 2x defaults 3-4 years old.

The advice on here is not always correct...

If you read the thread you would have noticed that your defaults are older.

So the comments made stand.