Should we wait?

overthinkingmind

Long story

My fianc! and I viewed a new build last year after obtaining an agreement in principle with Halifax. We both had pretty shady credit reports and the aip was looking for 15% deposit (which we couldn't afford) the builders offered a help to buy scheme which could have helped but we didn't pass the checks

Fast forward a year and we are both free of large overdrafts (which we lived in) and have closed down sub prime credit cards, got high street ones which are kept in order and closed down multiple store cards

I had 5 defaults on my account last year from my early 20s (mortgages were the last thing on my mind) and all but 1 have "dropped off" the last one is 6 years old 15/09/16

Halifax have offered another aip this time with 10% deposit, which we now have. Do you think it's worth proceeding now or waiting until 15/09 for the last to drop?

csgohan4

Well done for sorting your finances out. It would be prudent to get a broker who is best to match you with a lender from your credit history.

amnblog

Surely the question is, do you have a reason to proceed now?

If you have an offer now, what will improve in September? An offer is an offer.

overthinkingmind

i worry that the AIP will not complete to full application due to this default however we are getting married on 15th september (same day as default drops off coincidently) but we have found a house and need to get moving from where we are

the new build developers need all people interested in buying one of their properties to speak with their own financial advisors - any idea why this is/what it's for?

LJG1985

overthinkingmind wrote: »

i worry that the AIP will not complete to full application due to this default however we are getting married on 15th september (same day as default drops off coincidently) but we have found a house and need to get moving from where we are

the new build developers need all people interested in buying one of their properties to speak with their own financial advisors - any idea why this is/what it's for?

I would imagine this is for the builders to try and gain as much commission as possible?

amnblog

overthinkingmind wrote: »

the new build developers need all people interested in buying one of their properties to speak with their own financial advisors - any idea why this is/what it's for?

1. To establish quickly that you are not wasting their time
2. To control the process as much as possible
3. To stop you going elsewhere without understanding the complications of a new build purchase
4. To earn some commission from the Broker


You do not have to use their Broker if you have a suitable party lined up yourself.

Verix

overthinkingmind wrote: »

the new build developers need all people interested in buying one of their properties to speak with their own financial advisors - any idea why this is/what it's for?

Their new build broker will be specialist in the field. They will know what lenders you can go to with a 10% deposit (Halifax might well be one of them depending on the builder). It's worth hearing what the broker is available to offer you as it might be better than what you already have.


You are also under a tight deadline with (most) builders and another bank or broker might not be geared up to work at speed in the same way the new build broker is.


To answer your main question I wouldn't be too concerned about a default that is nearly six years old, particularly if it is paid off.