First time buyer help plz!!

Loubellk

Hi all I'm new to this & just wanting abit of advice, currently useing a broker to purchase a new build property using the government help to buy scheme. We have the £8.5k needed for the deposit & have authority to proceed from government but am struggling to get an actual mortgage. Using a broker but not 100% their doing the best job. Mortgage amount after the government deposit is £127509. Income is myself £11k, husband £30k, he has no debts, excellent credit score in equifax but 1 small satisfied default from an old joint acooubt which he wasn't aware registered 2 years ago. I do have debts, £3k on cc, £1k overdraft & £3k loan. Broker tried nationwide which after referring to underwriter declined due to me using overdraft although I have never excessed & Skipton also declined. They are now looking at dip with Leeds. Are we fighting a loosing battle or is there any hope for us to get a mortgage. We are currently private renting & the rent is more than what mortgage payments would be

Thanks in advance

dalehitchy

Loubellk wrote: »

Hi all I'm new to this & just wanting abit of advice, currently useing a broker to purchase a new build property using the government help to buy scheme. We have the £8.5k needed for the deposit & have authority to proceed from government but am struggling to get an actual mortgage. Using a broker but not 100% their doing the best job. Mortgage amount after the government deposit is £127509. Income is myself £11k, husband £30k, he has no debts, excellent credit score in equifax but 1 small satisfied default from an old joint acooubt which he wasn't aware registered 2 years ago. I do have debts, £3k on cc, £1k overdraft & £3k loan. Broker tried nationwide which after referring to underwriter declined due to me using overdraft although I have never excessed & Skipton also declined. They are now looking at dip with Leeds. Are we fighting a loosing battle or is there any hope for us to get a mortgage. We are currently private renting & the rent is more than what mortgage payments would be

Thanks in advance

It doesn't matter that the monthly mortgage payment is less than what you pay on rent. Me and my partner were trying for a mortgage... The 3 banks we tried all declined us because he had a default from t mobile. I tried Halifax with myself of which i was able to get so i knew that was the reason.

I then looked at a new build with the help to buy scheme. With us technically having 25% (5% deposit and 20% from the government) it meant we'd have more equity and therefore Halifax accepted us. Halifax seem to be more relaxed and if rejected they at least counter offer you by saying you need a bigger deposit.

My broker told me Halifax is also good because they only do a soft search for an AIP and so if you get rejected it doesn't leave e a mark on your file. Be careful applying to too many banks.

I'd hazard a guess it would also help getting rid of your debts.

Loubellk

Yes I know I would be best to reply debts but broker didn't have a problem with it & said would be ok. Also if I did that would be saving for another few years to put the funds back into savings. Thanks for the advice on Halifax

jdc23

Any luck on this yet? We are also FTBs and buying with the Equity Loan Scheme. We applied to Halifax and were declined. Now we have an application in with Natwest.