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bad credit - help to buy scheme - what rate did you get? who with?
banksy0786
Posts: 2 Newbie
Hello all
I am new to this forum and i am currently prospecting for a mortgage.
I used to have a good credit profile until I defaulted on an old credit card (low) balance (because of moving houses a few times, I never received any letter...).
This balance was paid as soon as I was made aware.
Consequently, I have been turned down by the high street banks and a broker showed me a potential 4.84%! fixed for 2 years with Precise Lender which seems high as I was expecting about 0.5% to 1.0% higher than the high street banks rates.
Can you please share with me:
- good mortgage broker for poor (but not really) credit on the help to buy scheme
- what sort of rates did you get
- who was the lender
Many thanks
I am currently working on removing the default on my credit profile.
I am new to this forum and i am currently prospecting for a mortgage.
I used to have a good credit profile until I defaulted on an old credit card (low) balance (because of moving houses a few times, I never received any letter...).
This balance was paid as soon as I was made aware.
Consequently, I have been turned down by the high street banks and a broker showed me a potential 4.84%! fixed for 2 years with Precise Lender which seems high as I was expecting about 0.5% to 1.0% higher than the high street banks rates.
Can you please share with me:
- good mortgage broker for poor (but not really) credit on the help to buy scheme
- what sort of rates did you get
- who was the lender
Many thanks
I am currently working on removing the default on my credit profile.
0
Comments
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You need to concentrate on doability, not rate here.
With recent default, your options are minimal.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 -
Thank you for your response. What do you think of the rate though? Is it excessive? It looks to me quite high...0
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The Rate is what it is.
It is not a buyers market when you present with a default.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 -
We are in the same position and the research I have done is the likes of Kensington, Precise and Aldermore who are more specialist lenders will be 4%+.
Our broker has somehow managed to get us a DIP with Natwest on a rate of 1.7 roughly now
But it comes down to what you can get as I think the rates for the HTB are pretty set in stone with each lender0
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