Turne down for a help to buy mortgage

dean25

Hello everyone, I'm feeling very frustrated at the moment. I want to buy my own home but I have been turned down for a Help to Buy 95% mortgage. I have managed to save £8,000 for a deposit and I'm looking at properties around the £130,000 mark which is well under 3X my salary. I have been to see a bank about getting a help to buy but was rejected. They offered me a 90% mortgage but I don't have enough deposit to get one of those.
I then went to see another mortgage provider who also does help to buy and was rejected again. They suggested I go onto Noddle and check my credit files for late payments etc.
I have been on Noddle and my credit rating was given 3/5 which I was shocked with. There are no late payments and one credit card that I currently have that has £1,000 on. I have car finance that ends in August. Other than that I have no other personal loans, CCJs or anything like that. I've downloaded the first time buyer and can see I appear to be doing everything right. I can't seem to work out where I'm going wrong.
Also do the 'applications' appear on your credit file for other lenders to see? When I saw the first mortgage provider they said the application does a 'soft search' that won't show up to other providers. Is this true?


*Turned* Just realised the typo on the title oops!

ACG

Get the credit reports for experian and equifax also just to be sure there is nothing on there.

Ignore the scores, they are worthless.

Assuming the credit reports are all green markers (rather than amber or reds) get them infront of a broker. There are other lenders who may be happy to lend.

dean25

Thank you for your reply, all the markers are green there are no amber or reds. I have checked Experian and Equifax and these are also fine. However I did notice that an application from one mortgage provide has had a negative effect on my score but it doesn't say why. Is this because I was rejected for the 95% mortgage? When I say the mortgage advisor they assured me the application would have no impact on my credit score at all.

amnblog

There is no way you should be going direct to Lender Dean.

As ACG says, engage a competent broker.

dean25

Thanks again for your advice how much do brokers usually cost? I saw in the advice booklet there is one advertised as free has anyone used these before?

amnblog

Look for the right service, not the cheap one Dean.