FTB - advice!

Lorij24

Hi all,

I am a FTB looking to use the HTB scheme.


I just have a few questions regarding mortgages and applications.


I have the usual phone contract credit but that is about it credit wise.
I have a clean credit file with no missed or late payments. My partners file is exactly the same. Is it likely we will be offered a mortgage or would we need to build our credit before they will accept us?


Thanks for your help!

AnotherJoe

Its impossible to say.
Are you looking to borrow £100k on a combined 50k salary, or £250k on a combined £25k salary?
That's far more important than your credit record,assuming its not one full of issues.

Lorij24

We are looking to borrow up to 172500 on a joint income of 45000. Hope that gives a bit more insight!

kingstreet

Which of the HTB schemes?

Lorij24

The equity loan scheme. We are looking at houses up to 230000 max. So hopefully will get the style we want for less than that. We have been advised by the building company that that will be the max price when they release the next phase prices for that particular style.

Lorij24

The equity loan scheme. We are looking at houses up to 230000 max. So hopefully will get the style we want for less than that. We have been advised by the building company that that will be the max price when they release the next phase prices for that particular style.

Thrugelmir

Have you both opened a Help to Buy ISA?

Lorij24

No as we already have the deposit, we are just waiting for the houses to be released

kingstreet

I would be surprised if one/any of the HTB Equity Loan lenders declined you.

ed67812

Lorij24 wrote: »

No as we already have the deposit, we are just waiting for the houses to be released

I thought that H2B isas allow an initial £1000 deposit which attracts the 25% bonus.
So if you both open one, you'll be £500 better off for little effort!?!