FTB Mortgage/Adverse Possibilities

thestumper10

Just after a little bit of advice if anyone can help please?

We are first time buyers and we got a DIP from Nationwide at the beginning of December using HTB on a new build with the builder paying the Stamp Duty but a few days later it was cancelled. The reason given was adverse credit on my wife’s file. Plus some paydays loans were also mentioned.
We are looking to apply again possibly at the beginning of April as 2 small defaults drop off the credit file at the end of January and we used the 5k deposit money we did have to pay off a loan I had with Santander.

So at the beginning of April we will have 20k worth of gifted deposits from our parents (very lucky!) and we will have built up 6k of our own.
I currently earn £31670 plus £5000 of overtime with a clean credit file. With 1 car loan of £262 a month and 1 credit card with a 0 balance.
My wife earns £24000 plus £4000 car allowance with 1 CCJ of £542 registered June 2011 with 1 credit card with a 0 balance. There are also 4 payday loans between July 2010 and the last one was April 2011.

We have 2 children between us which we get the usual child benefit for both plus maintenance for 1.

We were looking at two new builds with a value of either 270K or 290K using the HTB Scheme. As we want this to be our forever house.

I am just really seeing if there is any chance of getting a mortgage this year as my wife was absolutely gutted when we got knocked back in December (not the first time either). I just want to know should we go for it again when we have 6k of our own deposit again, or we can carry on saving at around £1800 a month and leave it a few months longer? Just want to get ourselves in the best possible position really, but also we really want to get out of our rented house which we have been in for 9 years asap.

We also have a letter saying the HTP agreement is approved till the middle of March. Not sure if this means much as I presume we could just re-apply when we do go for a mortgage again?

Thanks
Simon

ACG

Speak to a broker.

There could be options now - but rates will be slightly more than nationwide/the high street.

I dont think waiting until April will make much difference - although I could be wrong depending on the details.

kingstreet

Your Authority To Proceed was for a specific property.

When you find a new one, a new PIF & Reservation will be submitted and a new ATP issued.

Therefore the one you have now is redundant.

thestumper10

ACG wrote: »

Speak to a broker.

There could be options now - but rates will be slightly more than nationwide/the high street.

I dont think waiting until April will make much difference - although I could be wrong depending on the details.

Thanks for the reply and advice.
I should have also said the CCJ is satisfied.

kingstreet wrote: »

Your Authority To Proceed was for a specific property.

When you find a new one, a new PIF & Reservation will be submitted and a new ATP issued.

Therefore the one you have now is redundant.

Thanks. The property that we went for is still for sale at the minute.

Maybe its worth another go through a broker when the 2 defaults drop off at the end of Jan.

kingstreet

Even if you were to reserve the same property again, a new reservation and property information form would be required.

thestumper10

kingstreet wrote: »

Even if you were to reserve the same property again, a new reservation and property information form would be required.

No probs thanks for the information.