Help to Buy 2 - chances of getting Mortgage?

laurieballard999

Hi

Myself and my partner are about to apply for a Mortgage for a new build and wondered if any Brokers on the forum may be able to give us a guess, based on their experience, of the (estimated) chances of being accepted.

My income - £38,370
Her income - £20,000

My outstanding loan - £7000
Monthly payment £236
Her outstanding loan - £6500
Monthly payment £157

House Price - £230k
Deposit - £11,500

We are using the 'New Build Helpline' and have an AIP already from Halifax.

I have 2 sets of missed payments on my credit file with a score of 950 with Experian.

2012 - 2 Consecutive missed payments with Halifax of all people!
2010 - 2 Consecutive missed payments with Vodafone.

The mortgage advisor visits us in a couple of weeks (due to a holiday) so start the full application process but I am really not confident about getting accepted.

Is there any brokers on here who could provide some input?

Thanks!

Thrugelmir

Where the loans to consolidate debt?

Where's the deposit coming from?

laurieballard999

They were both loans to buy cars, taken out over a year ago before we even met.

Deposit is what we have saved over the past year.

ACG

The 2 late payments with halifax, are they for secured or unsecured lending?

There will be lenders that this should fit with but there are probably going to be some lenders who its unlikely to g through with.

laurieballard999

One was with Vodafone so a mobile bill

One was with Halifax current account, I went
Overdrawn by £5 on an account I was no longer using. Stupidly I changed addresses a few months earlier so didn't get the letters.

We have to exchange within 28 days which is why we went with the new build helpline people.

ethank

laurieballard999 wrote: »

We have to exchange within 28 days which is why we went with the new build helpline people.

The builder wants you to exchange within 28 days, but there I have yet to meet a person who has done it (maybe someone who has a cash deposit?) - A mortgage will take as long as it takes to process and get to offer, and in my area it is taking a month for a valuation - so no chance of a 28 day exchange on our new development.

tomtontom

ethank wrote: »

The builder wants you to exchange within 28 days, but there I have yet to meet a person who has done it (maybe someone who has a cash deposit?) - A mortgage will take as long as it takes to process and get to offer, and in my area it is taking a month for a valuation - so no chance of a 28 day exchange on our new development.

I've exchanged (and completed) within twenty eight days on two properties. It should be quite simple if you know what you are doing and are willing to chase everything yourself.

ACG

28 days is doable but tight.
Most builders say 28 days but once they have seen the offer and it is with the solicitors they will not push too much.

kingstreet

Why mortgage guarantee and not equity loan?

laurieballard999

kingstreet wrote: »

Why mortgage guarantee and not equity loan?

I don't want the government owning 20% of my property and then having to pay them back 1.75% after 5 years. There will be enough interest on the mortgage without paying more.

We can comfortably afford the full 95% so we figured why bother with the equity loan?

Is a mortgage easier to on the equity loan scheme?

Thanks

emmzickle

laurieballard999 wrote: »

I don't want the government owning 20% of my property and then having to pay them back 1.75% after 5 years. There will be enough interest on the mortgage without paying more.

We can comfortably afford the full 95% so we figured why bother with the equity loan?

Is a mortgage easier to on the equity loan scheme?

Thanks

Who has told you the government will own 20% of your property? You will own 100% of it.

Has your broker been through repayments with the 20% loan and without it with you? And have they been through how the interest on the 20% loan is calculated?

The mortgage will be easier with the 20% loan as your monthly repayments will be considerably less and so your affordability will be better I would have thought?