Best hope of getting a mortgage?

AidenTingley

Hello,

Me (21) and my partner (19) (We have a 5 month old child) are looking to go on the HTB scheme.

I have a poor credit history, only 1 default for a Telephone bill and some late payments, other than that quite up to scratch. It sits just below 500 at the moment (From Noddle)

My Parter has only ever had 1 credit card that has never been late, she has recently had an increase in credit.

I wanted to know what our luck would be getting on the HTB with a share ownership resale? 25% ownership. We can get the deposit and can afford the mortgage.

Thanks - Aiden

kingstreet

Shared ownership is an HTB scheme, so please clarify what you mean by;-

"I wanted to know what our luck would be getting on the HTB with a share ownership resale? 25% ownership."

If you mean you want a 95% mortgage, those are available on shared ownership and they aren't HTB - Mortgage Guarantee products.

Your success is going to rest on the age of your adverse credit and the rest of your application data. It would be worth speaking to an independent mortgage broker about your options after obtaining all three versions of your credit file, not just one.

_CC_

It's probably stating the obvious, but remember you'll also have rent to pay on the other 75%. So, affordability will rest on incomes relative to a stress tested mortgage repayment and rent.

alchemist.1

You will need to check your other credit reports aswell as Noddle i.e Experian and Equifax. These are the main ones used by lenders to assess your credit worthiness. I wouldn't read anything into the credit score its more your late payments/defaults which will be the issue.

kellaree

You haven't given any details of your income, it's not just bad credit history that will stop you getting a mortgage. If your income is too small it won't pass the 'stress-test'.