Help to Buy Joint Mortgage 1 applicant bad credit - success likelihood??

lucas1980

Hi guys,

First time poster, long time reader.

My gf and i are looking to buy a new house on the help to buy scheme.

The house value is £160k. We have at least 10% deposit (£16k), with the scheme kicking in another £32k. The mortgage would then be £112k. Our joint income is £45k pre tax/gross. Her credit, is ok. Mine is not good.

After missing a few payments here and there over the last few years and with a British Gas default from 2 years ago (£90 paid 10 days after it defaulted) it is in the Poor/Very Poor area.

Whilst i appreciate no-one can give me a definitive answer, taking the above into account, would anyone have an idea if we would be successful with the application of the help to buy scheme first, and then, the likelihood of the mortgage itself. We can potentially put down more than the 10% (poss up to 15%, i.e £24k) but wanted to hold some back for fees/furniture etc.

Any comments would be sincerely appreciated.

Many Thanks.

amnblog

Blemishes on your credit file can kill an application with the majority of lenders that lend in conjunction with the Help to Buy equity loan scheme.


We have placed a number of 'chequered' history cases on the H2B HL scheme this year and the advice is that you need a good broker to get this sorted.

lucas1980

Hi amnblog,

Many thanks for your quick post.

"We have placed a number of 'chequered' history cases on the H2B HL scheme this year and the advice is that you need a good broker to get this sorted."

By placed, do you mean your business has facilitated mortgages for people with chequered credit history? And that the best port of call would be a broker to facilitate the process?

Thanks.

amnblog

lucas1980 wrote: »

By placed, do you mean your business has facilitated mortgages for people with chequered credit history? And that the best port of call would be a broker to facilitate the process?

Thanks.

Yes - that is correct