We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First Time Buyers
Tooley20
Posts: 2 Newbie
Hi all,
Me and my partner are first time buyers and are wanting to apply for a joint mortgage on the Help to Buy 5% scheme. We applied for a decision in principle over the phone with lenders such as Halifax and Nationwide for 90,000 but were declined due to credit. We have since been in contact with a mortgage broker who is looking at our credit reports for us and are going to try and find us a mortgage deal.
We have 5,000 deposit and are looking at houses around 80,000 so we would need to borrow about 75,000.
After looking at our credit reports the mortgage broker said there is nothing wrong with my credit score with regards to being accepted for a mortgage and my partners credit score is fine apart from in 2013 he missed 4 payments on his mobile phone contract. Apparently this isnt quite classed as a default but could be the reason why the top lenders are refusing us a mortgage.
We are a bit worried as we are wanting to get a mortgage sooner rather than later and not have to rent. What do you think our chances would be of being accepted by adverse lenders as the payments weren't classed as a default and were fully paid back? Do you think there will be lenders out there that would accept us ?
Thanks
Me and my partner are first time buyers and are wanting to apply for a joint mortgage on the Help to Buy 5% scheme. We applied for a decision in principle over the phone with lenders such as Halifax and Nationwide for 90,000 but were declined due to credit. We have since been in contact with a mortgage broker who is looking at our credit reports for us and are going to try and find us a mortgage deal.
We have 5,000 deposit and are looking at houses around 80,000 so we would need to borrow about 75,000.
After looking at our credit reports the mortgage broker said there is nothing wrong with my credit score with regards to being accepted for a mortgage and my partners credit score is fine apart from in 2013 he missed 4 payments on his mobile phone contract. Apparently this isnt quite classed as a default but could be the reason why the top lenders are refusing us a mortgage.
We are a bit worried as we are wanting to get a mortgage sooner rather than later and not have to rent. What do you think our chances would be of being accepted by adverse lenders as the payments weren't classed as a default and were fully paid back? Do you think there will be lenders out there that would accept us ?
Thanks
0
Comments
-
Talk to your broker today - your broker knows your case - any view on here is just speculation.I 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 -
I definitely will. I just wondered if anyone has ever been in a similar situation and still managed to get a mortgage.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards