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Help to buy equity loan with adverse credit
chinedu40
Posts: 8 Forumite
My partner and I are thinking about purchasing a new build house fairly soon using the help to buy equity loan scheme. However I have adverse credit with one of the default of £1500 registered in April 2016 and satisfied in June 2017. My partners credit history is completely clean. I was wondering whether any of the current lenders that offer help to buy equity loan scheme would lend to us? If so would they require more than a 5% deposit?
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Comments
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Possibly one of the three lenders which considers recent adverse and no.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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You are best speaking to a broker as they will look at all your circumstances and then pair you with suitable lenders but just on the info you have given the main 3 that may be able to help are Kensington, Precise and Aldermore however you can only go direct to Aldermore and the other you need an Broker or MA etc0
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Thanks, I was struggling to find out who the 3 adverse lenders are.0
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Just discovered today that Aldermore don’t consider you if your default was registered within the last 3 years0
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Just discovered today that Aldermore don’t consider you if your default was registered within the last 3 years
I would suggest a broker as having a default or not does not necessarily put you with certain lenders.
They are more interested in your conduct really and just because Aldermore has that rule does not mean the likes of High street lenders will refuse you.
If you search the mortgage lenders name with the word lending criteria you will find some good info to start with but as to avoid wasting time and potentially any damaging credit searches speak with a broker and they will assess you and then are able to make further ground with lenders than you which for definate will rule put some as to not waste your time.0 -
There is a lot more to it that finding out the names of Lenders.
Engage a Broker and stop trying a do it yourself approach that will end in tears.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
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