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First Time Buyer- Help to Buy Scheme
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Lucy28
Posts: 8 Forumite
Hi,
I am new to this site and a first time buyer looking to buy in London through the help to buy scheme.. So I will get 40% equity loan. I have reserved my property and am having to put down a slightly larger than 5% deposit due to affordability on the scheme as I am buying on my own so all based on my income which after the 5 year period they don’t think is enough to repay the equity loan.
Have an AIP with NatWest willing to offer more than what I need for the property, was going to go direct to lender but have now approached a broker who went through my affordability and has asked me for some pay slips etc. as she said ill need a new AIP with them if I chose to use them.
Am slightly concerned about my credit I do have credit card which I don’t use but has £2500 on it have spoken with the broker and I will be paying this off in full. My score on Experian is 804 but on other sites like Equifax it is quite low around 360. No CCJS or defaults but I do have some late mobile phone payments (around 3) as I didn’t have a direct debit set up, these were more than a year ago. I have heard of lenders turning down mortgages for one missed mobile payment alone. Is this likely?
I am new to this site and a first time buyer looking to buy in London through the help to buy scheme.. So I will get 40% equity loan. I have reserved my property and am having to put down a slightly larger than 5% deposit due to affordability on the scheme as I am buying on my own so all based on my income which after the 5 year period they don’t think is enough to repay the equity loan.
Have an AIP with NatWest willing to offer more than what I need for the property, was going to go direct to lender but have now approached a broker who went through my affordability and has asked me for some pay slips etc. as she said ill need a new AIP with them if I chose to use them.
Am slightly concerned about my credit I do have credit card which I don’t use but has £2500 on it have spoken with the broker and I will be paying this off in full. My score on Experian is 804 but on other sites like Equifax it is quite low around 360. No CCJS or defaults but I do have some late mobile phone payments (around 3) as I didn’t have a direct debit set up, these were more than a year ago. I have heard of lenders turning down mortgages for one missed mobile payment alone. Is this likely?
0
Comments
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Have you not asked your broker this question?
That is the person best positioned to comment on your situation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
she asked if I had any late payments so she does know about them0
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