First time buyer help

Amydan16

Hi me and my husband are first time buyers and have one dependant.
We have had an agreement in principle with NatWest which states 185,000 with a deposit of 10,000. As we have gone for the help to buy 5% deposit, So we have found a house and made and offer of 137.500 which has been accepted, however we haven't got an appointment with the mortgage adviser to put out full application in until next week.
We also have 6000 out standing balances on credit cards due to us getting married a few month ago, which I told them about before they gave me out AIP. The today I found out our credit score is poor?

What are the changes of us getting this mortgage ? :9 worried ?

How much of a credit check do NatWest do when give you the AIP?

Thanks in advanced

csgohan4

Do not use an estate agent Mortgage broker/advisor


Get an independent one


AIP doesn't mean you will get a mortgage, only on submission of the application will you know.


Some lenders do hard, some do soft credit checks, does it matter? you will have a hard check when you submit your application.


Have you checked through all your credit files from the major credit agencies? Not the score but the background e.g defaults, missed payments, CCJ


6K in debt will affect your affordability, how so depends on your circumstances.

SophieMarie1

Hi,

Usually if you run a credit check on yourself it will tell you if a lender has credit checked you - try one of the free trials and see if it shows up. I think lenders are all different in the checks they do at different stages.

I have a similar problem! I had 2.8k on a credit card (interest free), I decided to clear it from my savings before proceeding with our mortgage application (we've got the DIP). Nationwide have just asked for 1 months bank statements, however mine obviously looks awful because I have 2.8k going to pay off a credit card so I'm worried this will now count against my 'ability to live within means'. Anyone had similar experiences with this?

~Beanie~

What is it that is making your credit score poor - late payments? Not on the electoral roll? Something else?

Amydan16

It's say poor due to applying for credit in the last 6months and also usage of credit cards at 80%. However I have no gone on a different credit check and it has come back as fair.

Amydan16

We have just got married so out spending over the last 6 months has been high also the resin we have the credit cards. 8 don't know if it's worth having a higher deposit and more debt or a lower deposit and less debt.