FTB needing advice

nichollsere

Hi all, A little bit of a complex case. Pls bear with me.

In march my OH and I had a Dip completed. We found a house and only had a small ish deposit so went for the H2B scheme. I have a default on my credit file(comes of 06/2015) so our Broker went with Leeds as they would take all our joint monies into consideration. All was going well.. Until they wanted a 12 month rent statement. We had been in arrears partly HB fault. although clear and in front now, We had to write a letter explaining this. Then they declined us on the rent thing anyway. GGrrr.

So we decided to wait save more money, then look again.
Now we've Found a house for £105k. we have a 10% deposit. Spoke to our broker who done a new dip. Now the problems start. Everywhere she tried she wasn't having any luck. Oh earns just over £24k i'm a SAHM,

Eventually, having no luck she advised us that it may be best for my hubby to apply on his own. Which is fine with us. She said it looks like we are left with Kensington?? As a default has come up on OHs credit file.
They do ask for 2 years rent statements but are quite good if you can write a good explanation as to how/why it happened.
Also they want a 20% deposit so by some pure luck we have come up with £21k.

Does it sound like we are getting the right advice? Are kensington any good?
So far all we seem to have had done are a load of searches done and paid out fees and getting no where.
Really just want to buy our own home.

Any help would be much appreciated.

ACG

This should be placeable all day long even at 95% LTV. The only issue I can see is not the default but affordability - it looks a little on the tight side.

If your broker says it fits with kensington then I would assume they have run it by them.

Thrugelmir

nichollsere wrote: »

Eventually, having no luck she advised us that it may be best for my hubby to apply on his own. Which is fine with us.

May be fine for you for understandable reasons. However I would question the financial aptitude of the broker in making the suggestion. At a time when affordability is a key issue.

nichollsere

Thank you,
affordability doesn't seem to be the concern, but the defaults are.
The mortgage payments itself are £100 a month cheaper then our rent now. It looks tight as it would just be my OH applying. I will be returning to work very soon, salary will be £20k.
I'm as confused as it gets- regarding mortgages.

After paying out the first time for surveys, valuation etc I suppose my concern is that we can get part way along, lighter in the pocket, for nothing.

GMS

Kensington don't do 90%.


How much are the defaults for and dates of registration?

nichollsere

Its going to be 80%.
House is £105k
deposit we have is £21k
So only borrowing £84k

OH default £411. date showing settled is 2013.
Mine £500- 2009 settled.

GMS

Sorry missed the additional deposit part.


When was OH default date? Who put it on?

nichollsere

His default was 2012. settled 2013. comes up mail agency or something as it was for an argos card.
Broker seems sure it will be ok with the deposit.
Its just the previous rent arrears that may be a sticking point again. I've gone through the rent statements and we have always paid even if its only been a little bit as housing benefit were meant to be paying. OH was between jobs for a while. But has been in permanent job for a year. Rent was fully cleared end of march 2014. I have found 2 letters from Housing association confirming our payment arrangement. And written a letter. Do you think that will be enough for it to be agreed?
Full application going in tomorrow.

nichollsere

Full mortgage application gone in. Now the dreaded wait.

ACG

Who has it gone to?

nichollsere

Kensington. Just got send proof of deposit tomorrow.