First house purchase

Scottybhoy85

Hi this is my first post so be nice

Looking for some help with obtaining my first mortgage. I currently have a deposit of 50k and looking to buy a house with maximum value of 160k.

I do not have the best of credit ratings due to me being silly wen I was younger, all previous debts have been paid and only 1 late payment on my experian credit report from 3 years ago (payment was 1 day late :mad:) experian still rate me as a poor credit score due to my maximum credit limit on my credit cards being 1k and average age of my credit accounts being 25 months old. I currently have no debt.

I applied to Halifax for a AIP and they sent back with an offer saying I can borrow 218k with a deposit of 70% . This is way more than I would like to borrow anyways but just wondering is this an accepted offer. And the 70% deposit is a bit extreme, meaning for my 160k home I would have to pay a deposit of 112k! I take it this is due to my poor credit score?

Thanks in advance for help

Pixie5740

Scottybhoy85 wrote: »

Hi this is my first post so be nice

Looking for some help with obtaining my first mortgage. I currently have a deposit of 50k and looking to buy a house with maximum value of 160k.

I do not have the best of credit ratings due to me being silly wen I was younger, all previous debts have been paid and only 1 late payment on my experian credit report from 3 years ago (payment was 1 day late :mad:) experian still rate me as a poor credit score due to my maximum credit limit on my credit cards being 1k and average age of my credit accounts being 25 months old. I currently have no debt.

I applied to Halifax for a AIP and they sent back with an offer saying I can borrow 218k with a deposit of 70% . This is way more than I would like to borrow anyways but just wondering is this an accepted offer. And the 70% deposit is a bit extreme, meaning for my 160k home I would have to pay a deposit of 112k! I take it this is due to my poor credit score?

Thanks in advance for help

Are you applying for a mortgage with Experian? No, so how they rate you is irrelevant.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Scottybhoy85

Thanks. It was more the 70% deposit! Am I better going to a broker to get an offer on the 30% deposit that I have. Or am I better just waiting 6months for my score to improve more?

juniordoc

You could probably do this without a broker, just make an appointment at another bank and talk through your situation. You have a decent deposit so am sure there is a lender out there who would accept you.

Car1980

I don't think you are reading the AIP correctly? Are you sure the 70% isn't the loan to value number?

An AIP will just give you a maximum figure they will lend based on the figures you punch in. They don't suggest different deposit amount.

Anyway, I'd talk to a broker anyway. Don't start getting AIPs yourself or you might leave hard search traces on your credit report.

kingstreet

It's likely to be a 70% mortgage with 30% deposit, not the other way round.

I've never known Halifax go below an offer of 65%. More than a 35% deposit required tends to result in a decline.

Scottybhoy85

Following your recent online enquiry,based on the information you have given, we can offer you an Agreement in Principle for a maximum of £218180, with a minimum deposit of 70%, over a maximum term of 22 years.

Our Agreement in Principle is valid until 22 Nov 2017 and has been based on certain assumptions. These assumptions may change once you apply for a mortgage and we have fully assessed your needs and circumstances.This may mean that the amount available is subject to change. See the 'Please note Our Agreement in Principle is subject to:' section below for further details.




Next steps



Once you would like to go ahead with a full mortgage application you will need to speak to one of our qualified Mortgage Advisers, who will discuss your needs and circumstances and recommend the most appropriate mortgage, product and term for you:




•
Book your appointment online



•
Call us on 0345 850 3705



Now is a good time to find out how much your legal costs will be using our quick and simple conveyancing quote tool. You can compare quotes from our panel of conveyancers.

Make sure you have the following information and documents with you when you attend your appointment:


A government issued document to verify your identity.
A supporting document to verify your identity.
Your latest 3 payslips.

kingstreet

Speak to a broker. That makes no sense.

hazyjo

I wonder if it's the other way round and the OP gave the wrong LTV when enquiring. If that's word for word, something has definitely got lost in translation about how much deposit they have.

Scottybhoy85

I never have gave deposit details to them I just filled in all my personal details and income etc. They never asked about deposits or how much I wanted to borrow.