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First time buyer - help to buy scheme
SKA2014
Posts: 1 Newbie
Hi all,
Looking for a bit of advice, my partner and I are looking to buy a new build home, using the help to buy equity scheme. Where we stick 5% down and get 20% equity loan tax free for 5 years. We have circa 20k deposit and looking at a house in the region off 300k.
My gross salary is circa 65k however my wife is currently a fulltime mum until our little one starts school - 12/18 months time.
I recently checked my credit report and it was 997, however I noticed that it shown me not registered on the electoral role. I knew that in fact I was, and amended my details on Credit Expert which still had me residing at my previous address.
I didnt think anything of it, but I have recently checked again and now my score is 839!! I have an on going loan for approx 6k and a CC that has about 3k on. Relatively small debt and more than manageable on my income.
Do you think that this will have a serious negative effect on my application for a mortgage? I understand that lenders take into consideration a lot more than just the credit score, but my payment history over the last 6 years has been immaculate with no missed payments or blemishes on my record.
Fingers crossed as we have a meeting with mortgage advisor tomorrow evening!!!
Looking for a bit of advice, my partner and I are looking to buy a new build home, using the help to buy equity scheme. Where we stick 5% down and get 20% equity loan tax free for 5 years. We have circa 20k deposit and looking at a house in the region off 300k.
My gross salary is circa 65k however my wife is currently a fulltime mum until our little one starts school - 12/18 months time.
I recently checked my credit report and it was 997, however I noticed that it shown me not registered on the electoral role. I knew that in fact I was, and amended my details on Credit Expert which still had me residing at my previous address.
I didnt think anything of it, but I have recently checked again and now my score is 839!! I have an on going loan for approx 6k and a CC that has about 3k on. Relatively small debt and more than manageable on my income.
Do you think that this will have a serious negative effect on my application for a mortgage? I understand that lenders take into consideration a lot more than just the credit score, but my payment history over the last 6 years has been immaculate with no missed payments or blemishes on my record.
Fingers crossed as we have a meeting with mortgage advisor tomorrow evening!!!
0
Comments
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Credit commitments affect affordability, not the lending decision.
You don't have a credit score, so ignore it. Lenders assess the data from your credit history and application and decide based on that.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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