Mortgage and HTB

Archer0710

I'm hoping someone might be able to answer a few questions for me: I got my fingers severely burnt last time I looked to buy a house and the thought terrifies me

DH and I are looking to buy a new build with HTB as we live in a really expensive area. His credit record is very good, I have a 3 year old satisfied default for £40 which was an oversight from when we moved house and the default registered between moving and getting a firm address for redirection, I am in the process of writing to Lloyds to try to sort this.

How do I find a good mortgage broker, the one last time actually told us to fake letters from aged relatives to secure the mortgage :mad:

Am I wasting my time even looking into this with my default.

The estate we are hoping to buy on is only just started and the houses we want towards the end of the building phase so how far in advance should we look to get a mortgage application processed?

Sorry for the probably daft questions, we lost our dream house in 07 due to the market crash and we have been frightened to step into the whole process since.

Phil_H_MLIA(dip)_Cert_PFS

HTB suggests to me relatively high LTV (although of course that may not be the case)
A default of any size is enough to deter some lenders at high LTV but assuming all else fits then this should not cause you major concerns.
There are not many but a few lenders offer a "soft footprint" approach to credit searches. This is not to be taken lightly but this means that, as long as the lender largely fulfils your requirements you can apply and your worst case scenario is that a decline is NOT seen on your file by any lender other than those in the same group.

Verix

I wouldn't be overly concerned about a default from 3 years ago if it is satisfied, especially for such a small amount and given the fact you might be looking at buying a little bit further in to the future.

If you need a broker the site will probably be able to recommend one. Failing that your local help to buy agent might have a list of registered brokers? Just make sure whoever you deal with has experience of the new build market.


Good luck.

Mummyto4kids

If it's a new build site they will be able to give you names of brokers - we've bought on a new development and used the broker they deal with and he was brilliant. Worth going and speaking to them about your options. The only thing we've found is that we had to wait seven months from exchange to completion which is next week so I'm relieved we were with Halifax who seem to have long expiry dates on their offers.