Help to buy guarantee with bad credit

luxorX

Hi,
Will I have any chance of using the help to buy guarantee scheme and get a mortgage with 10% deposit, I have had a default of £3756 in january 2012 which was settled in March last year, I am aware there are lenders willing to give a mortgage with 15% deposit, but just wondering if there is any chance of getting a mortgage with a10% deposit through the help to buy guarantee scheme.
I currently have zero debts and have a salary of £62k and looking into houses in region of 280-300k, I have moved to a new employer this month, would I have to wait for a few months before applying for a mortgage ?
Thanks

ACG

There are potentially lenders who will do 90% LTV now - they may not all use HTB, but I do not see that as an issue.

luxorX

ACG,

I am looking into Help to buy because their interests rates will be most likely better than the sub prime lenders accepting 10% deposit.
I have had an AIP from Halifax and they are aware of my default, however I am reluctant to go through the full mortgage application with them as I might end up being turned down.
Just wondering if anyone is aware of people with 4.5 year old defaults getting 10% mortgage from high street banks.

thanks

David_White

Yes it's possible and it sounds like you've made an initial step in getting one.

Thrugelmir

luxorX wrote: »

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Just wondering if anyone is aware of people with 4.5 year old defaults getting 10% mortgage from high street banks.

Lenders will also note that it took over 3 years to settle the account. Default date is only one aspect that will be considered. .