First time buyer

missdjstephens

Hi i am just after some advice. Me and my partner are looking at the help to buy scheme on a house costing 210,000 with a 5% deposit. I earn 20,500 and he earns 19,000 per annum. He has a credit score of 999 but has no credit history. I have had a really bad credit rating with 4 late payments and a ccj which i did not know i had because my post was not forwarded to me i only found out when i logged onto credit experian i have now managed to build my credit score up to 720 is this a good sign that i maybe eligible for a mortgage or will the ccj and late payment history go against me?

Thanks

kingstreet

Amount and date of registration of CCJ?

Either way, 95% is going to be very, very difficult.

missdjstephens

its from 2011. the government cover 20% which is not repayable for 5 years so the mortgage is only 75%

Thanks

stephenni1971

missdjstephens wrote: »

its from 2011. the government cover 20% which is not repayable for 5 years so the mortgage is only 75%

Thanks

With you putting down 5% and EL of 20% a lender will not view you the same way as someone putting down 25%.

The lower deposit YOU provide the tighter the criteria the lender will apply.

Zipped_Wallet

Have you done an affordability calculator? Your income seems rather low to support a 95% mortgage of £210k.

As above; the lender will need to be satisfied you can afford the monthly payments of the whole mortgage - including the period after the 5yr interest free loan from HTB.

Putting your shoes on, I'd concentrate on repairing your credit history and saving for a deposit. Avoid getting too hung up on the credit score number too, it's just a gimmick on the website. It's the hard facts behind your credit file the mortgage provider cares about.

kingstreet

missdjstephens wrote: »

its from 2011. the government cover 20% which is not repayable for 5 years so the mortgage is only 75%

Why didn't you say you're buying a newbuild and using equity loan? The loan is interest-free for five years, not repayable after five years.

How much, who was the creditor and is it satisfied?