Mortgage Chances

Hopeful2015

I plan to approach a broker but was hoping to find out it a mortgage was even an option for me yet.

I have 2 defaults (one in 2010 and one 2011) both were settled within a month of the default. No missed payments since 2011. I have one credit card with £900 on which will be paid off by the end of this month but no other debt.

I earn £25,000 and have a gifted £10,000 deposit I'm looking to use help to buy so property price would be about £130,000.

Does anyone think this is an option now or should I wait a while. Also are you allowed to approach brokers on here to ask the to handle your case or is it against the rules/ unfair to the brokers?

ACG

£130k is probably at the top end, it could be pushing things a little but im sure a broker will run the sums to let you know what is possible.

You can contact brokers on here, brokers can not innitiate first contact.

Hopeful2015

I went to view the development I'm thinking of buying today and they have said I need to use the brokers they use is this correct?

I've been told I could get a mortgage up to £115,000 although I'm looking at a mortage of £95-100, 000 and think that given my history this seemed a bit optimistic.

csgohan4

did you factor in the costs of the sale such as solicitors, broker fees, mortgage fees, removals, furniture, Stamp duty??

Hopeful2015

I'm expecting stamp duty to be £100 to £300.

I have my own furniture already and can borrow a van from work to move - thankfully I have lots of strong volunteers to help with the move.

I'm aware that I will needs to pay fees and I'm budgeting for this.

I'm just trying to work out what property price range to look at and when it will be possible to buy as well as the best way to do it. There seems to be so much conflicting information

Verix

The builder will probably need you to speak to their nominated broker who should be well placed to assess things for you i.e. they should know how to factor the help to buy in with lenders and any get round any new build quirks there may be.

The site probably won't force you to use the broker but will want you to as people going there own route have a habit of missing the exchange.

Hopeful2015

I would be happy to use their broker but I thought from reading on here that with my history I would need a specialist broker that deals with troubled history?

kingstreet

Presumably this is HTB - Equity Loan on a newbuild.

As a newbuild specialist, I'd say we have to be able to deal with everything possible and ensure it works for a newbuild purchase.

I wouldn't say we're experts or specialists in other areas, but we can cope with contractor/newbuild and adverse/newbuild scenarios.

No idea which developer you're talking about, but I'd hope you can avoid the likes of New Homes Mortgage Helpline as complicated cases take time and that's not their MO.

Ensure you have current versions of all three credit files in hand, ready.

Hopeful2015

I have all three credit reports.

The company they want me to use for the mortgage is New Home Mortgage Helpline and I'm a bit apprehensive as I've read some not very flattering reviews

kingstreet

NHMH is a subsidiary of Connells/Sequence EA.

If you feel a "warehouse" approach best suits your needs, go with it.

We've just taken on two new sites and the staff expressed surprise when they found out we actually see potential clients and we visited the site on a regular basis.

Hopeful2015

If I decide that I'm not comfortable with NHMH and decide to go with another company such as the Mortgage Company could they refuse to sell me the property?

Do brokers work out of certain areas only?