First Time Buyer Rubbish Credit Situation

Debtslayer

Where has the deposit actually come from?
Will have a big impact if you have to pay it back

You need to stop applying yourselves as it will make it worse
Speak to a good Independant mortgage broker (not one in Estate Agent) and they will be best to advise you. They do this every day so know who are the best lenders to approach for your circumstances

But try not to rush into buying because you are having a baby, you may be better renting for another year of so. It's stressful buying a house plus once you've bought you will have all the upkeep and expenditure yourselves, it's not just about paying a mortgage

Good Luck

gangaftaglee

The rent we currently pay is very high. Also my partner pays £220/month on commuting. This would be reduced drastically if we moved to the area we're looking at, which is near to my partner's place of work.

Also with regards to us being given the deposit - I have literally never heard of anybody in our generation (we're in our late twenties) who has been able to get on the ladder without massive help from their parents or enough people in their family dying to be able to get a house. We tried not to ask for help and I had saved a large chunk but it just wasn't enough.

There is a lot wrong with renting. We spend ridiculous money on heating because our house is not well insulated and we have old sash windows which the landlord won't update, amongst other things. I can't be the only person who feels they want to start a family in their own home, surely?

Debtslayer

gangaftaglee wrote: »

The rent we currently pay is very high. Also my partner pays £220/month on commuting. This would be reduced drastically if we moved to the area we're looking at, which is near to my partner's place of work.

Also with regards to us being given the deposit - I have literally never heard of anybody in our generation (we're in our late twenties) who has been able to get on the ladder without massive help from their parents or enough people in their family dying to be able to get a house. We tried not to ask for help and I had saved a large chunk but it just wasn't enough.

There is a lot wrong with renting. We spend ridiculous money on heating because our house is not well insulated and we have old sash windows which the landlord won't update, amongst other things. I can't be the only person who feels they want to start a family in their own home, surely?

No; you're definitely not the first person who's wanted this. Personally we don't have children; but always wanted own house.
I was just trying to point out that you may not want all the stress of house buying and moving when you are due to have a baby in September x
Even if you find a house now it could well be August / September when you are actually moving in


Reference the deposit; I think it was your previous wording of: We've had to beg, steal and borrow the money for the deposit. The problem being that if any of the money is a loan (even from family) then you will have repayments to make which will affect how much you can borrow on a mortgage. If it is a gift then it shouldn't be a problem; whoever has gifted you the money will need to sign a form to state its gifted and they have no claim on the property.


The best thing you can do is contact an Independent Broker; they are specialists and know who to approach for you. You can search for one here:
You can find local mortgage brokers on unbiased.co.uk


Good Luck with your house hunting; hope everything goes well for you and; oh and baby

P.S Keep us updated how you get on

cahillg81

Hey, I am currently training to be a mortgage advisor transferring from an underwriting background. Myself and my partner were in a very similar situation recently when we were buying so I can understand the stress.

I can't echo strongly enough the comments made previously though either speak to a broker or go back to the lenders and ask why the DIP was refused. I know (because I work for Nationwide) that the code on the system will tell you.

It may also be the case as well that your failing credit score at a higher Loan to Value, if that's the case it can be fairly easily overcome. If however there is something more sinister then you may have problems.

I dealt with a telephone broker, despite feeling as if I knew my option in the start pretty well, I only really understood at the time the way Nationwide looked at it.

The broker I used were based in my home town of Glasgow but I got to them via Compare The Market. They were called IfIWereYou but have now changed name, I was in contact with them a few days ago to sort out a new Mortgage on a BTL we are looking at. You can get in contact vie CTM or call them - not sure if I am allowed to post the number here?

gangaftaglee

Thank you for everybody's advice - I have booked in with an independent broker for next week. We have seen an advisor before but he fobbed us off - I think we were too much trouble for him...!!

I have everything crossed that there's something we can do - It all just seems so unfair when we've been paying our landlord's mortgage for 5 years without missing a single payment!

Debtslayer

Well done for booking appointment with broker.
Never give up hope, if it doesn't happen now it will happen in the future.
It's important to get the facts behind why you are being told no. So if broker advises you won't be able to get a mortgage ask him what the problems are and what can be done about them before you look to apply again
Hope everything goes well for you next week