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FTB - 95% LTV - Natwest
Jennifer-xox
Posts: 1 Newbie
Hi there, after days of browsing the forum and not quite finding what were after, I thought I would sign up and create a new thread.
My boyfriend & I are applying for a 95% mortgage via Natwest. We are first time buyers who had an agreement in principle. We have had an offer accepted and are looking to borrow £148K - the previous threads I have read are from a few years ago and 95% mortgages are more common since they have introduced the help to buy scheme.
We have spoken to an advisor at natwest who went through the mortgage application with us / checked our bank statements & other documentation and agreed to offer us the mortgage and said there are no concerns as after taking all outgoings into consideration we will be left with 51% of our income as disposable income. My boyfriend and I have a joint annual income of £49,522. The agreement is obviously pending the credit check. (Their computer system was down so couldn't do it there and then and she has booked us in for 31st May.)
My credit score with Equifax is in the excellent range and my boyfriends is in the good range. My boyfriend hasn't had a lot of credit as he has always saved up for things he wanted, however he has never been in his overdraft, missed payments for car insurance or mobile phone and has never had any bank charges or defaults.. Just a lack of credit so to speak.
Although my equifax credit score is classed as excellent, I had 2 late payments on my credit card from 2011. (Shown as 1's on my equifax report.) our mortgage advisor from natwest doesn't seem to think this will be a problem based on the fact that we will have so much of our income left after mortgage and bills are paid and the rest of the report is perfect from 2011 onwards.
I suppose my question is - does anyone think that we will have a problem? I've noticed a lot of people suggesting that brokers are used, but we have banked with Natwest for a number of years and have never had any issues with them. We are slightly nervous for next Saturday, however both confident that the repayments are more than affordable. I've read that the problems aren't always with the bank and can sit with the underwriters so conscious that my 2x late (not missed) payments will stop us from getting the house of our dreams.
Any thoughts are greatly appreciated.
Thank you!
My boyfriend & I are applying for a 95% mortgage via Natwest. We are first time buyers who had an agreement in principle. We have had an offer accepted and are looking to borrow £148K - the previous threads I have read are from a few years ago and 95% mortgages are more common since they have introduced the help to buy scheme.
We have spoken to an advisor at natwest who went through the mortgage application with us / checked our bank statements & other documentation and agreed to offer us the mortgage and said there are no concerns as after taking all outgoings into consideration we will be left with 51% of our income as disposable income. My boyfriend and I have a joint annual income of £49,522. The agreement is obviously pending the credit check. (Their computer system was down so couldn't do it there and then and she has booked us in for 31st May.)
My credit score with Equifax is in the excellent range and my boyfriends is in the good range. My boyfriend hasn't had a lot of credit as he has always saved up for things he wanted, however he has never been in his overdraft, missed payments for car insurance or mobile phone and has never had any bank charges or defaults.. Just a lack of credit so to speak.
Although my equifax credit score is classed as excellent, I had 2 late payments on my credit card from 2011. (Shown as 1's on my equifax report.) our mortgage advisor from natwest doesn't seem to think this will be a problem based on the fact that we will have so much of our income left after mortgage and bills are paid and the rest of the report is perfect from 2011 onwards.
I suppose my question is - does anyone think that we will have a problem? I've noticed a lot of people suggesting that brokers are used, but we have banked with Natwest for a number of years and have never had any issues with them. We are slightly nervous for next Saturday, however both confident that the repayments are more than affordable. I've read that the problems aren't always with the bank and can sit with the underwriters so conscious that my 2x late (not missed) payments will stop us from getting the house of our dreams.
Any thoughts are greatly appreciated.
Thank you!
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