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Help to Buy Mortgages
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Jambo5
Posts: 223 Forumite
So am I right in thinking that for a HTB mortgage....your credit report need to be squeaky clean.
So missed payments from over 5 years ago would be an automatic reject?
Also If the government are willing to boost your deposit and make payments affordable but you have to pay the money back....could this be a rope around people's throats if not payed back in time?
In general are these help to buy scheme's a good thing?
Any advice? Cheers again
So missed payments from over 5 years ago would be an automatic reject?
Also If the government are willing to boost your deposit and make payments affordable but you have to pay the money back....could this be a rope around people's throats if not payed back in time?
In general are these help to buy scheme's a good thing?
Any advice? Cheers again
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Comments
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Newbuild, or second hand?
The schemes are different, HTB - Equity Loan is newbuild only, HTB - Mortgage Guarantee can be used for both, but is simply a 95% mortgage.
Status and underwriting will be dependent on lender concerned.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We are looking at New builds.
I just read somewhere that for these schemes your report at to be perfect...guess them missed payments from years ago are going to stop us again if that's right0 -
Late/missed payments five years ago won't be an automatic decline on HTB - Equity Loan.
An independent broker will be able to advise you on the lenders to avoid in such circumstances.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thats good news, what about pay day loans over 3 years old?0
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Again, from a simple caution viewpoint, you would avoid some lenders.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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But....a missed payment as the same effect as a dwfault...i.e. ....it still stuff you0
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Halifax will be fine, I had a payday loan for cash back, didn't stop meDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Halifax will be fine, I had a payday loan for cash back, didn't stop me
Not necessarily - let your broker handle itI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
A missed payment same as a default?But....a missed payment as the same effect as a dwfault...i.e. ....it still stuff you
A missed payment is a missed payment. A default is three or more consecutive missed payments and is viewed as a more serious issue.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yep I know a default is taking seriously. I am just concious that the missed payments are going to make me fail application.
It's just all in my head Kingstreet as the 6 years are nearly up for me to try and apply.
I know a couple that on very simular wages to me and my wife got excepted with Halifax. He had 33 payday loans on his report and she had a default over 4 years old.
So going of their report I am hoping that my missed payments from 5 years ago should in theory be ok. All my accounts are up to date and have been for years.0
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