first time buyer help

fitpattyy

Myself and partner have recently put an offer on a mortgage. we were told our income in the AIP would be 95% with the help to buy. but after our application with halifax through a mortgage broker(slater and hogg)... we were told we could only get 65% due to missed payments on my credit rating from vodafone... these however are a mistake and we are getting them removed by the company and im awaiting a letter to confirm their liability to send to the lender but it can take 30 days to reflect on my credit rating. My partner can get the mortgage himself but its only 85% they will lend us. We are not sure what to do and whats best. if we could get the 95% or even the 90% that would be fantastic but do feel that 85% is pushing it....

in the long run would the 85% be best.. we would need to take out a loan with the credit union to make up the difference for the deposit and the monthly payments would be the same as if we got the 90% or 95% so doesnt really make a difference.

has anyone expericenced any of this before with wrong info on their credit rating especially with vodafone? and what was the outcome with it? is there anything else i can do to convince the mortgage lender (halifax).
thanks

Malmo

we would need to take out a loan with the credit union to make up the difference for the deposit

You won't be able to use a loan as a source of funds for part or all of a deposit. This is not petmitted by lenders.

amnblog

The joys of an estate agency broker!

Technically there are lenders that will allow a borrowed deposit but your credit score is not strong enough to access them.

You should only borrow towards a deposit if you are in a very strong position on affordability.

In practice this idea sounds like a non starter.

A good broker may be able to get you placed at 90 or 95% with a different lender.

Vodafone

Hi fitpattyy,

If you still need help with this, email me with your details using the link in our profile here.

Just copy and paste the link into your web browser, and it'll take you to the Contact us form on our website. To access the form you'll need to enter the code WRT135.

As well as stating your query in the question box, please also quote "MSE Forum".

Once sent, you'll receive an automated reply with a reference number. Post it on here and I’ll check I've received it.

Kind regards,

Lee

Social Media Comms

Vodafone UK

amnblog

Does mentioning a mistake by Vodaphone online suddenly make it an issue then?