HTB mortgage with fair credit score

BabyDaisy15

Hi everyone

I was wondering if anyone can help? My partner and I are hoping to apply for a mortgage with Help to Buy with a 5% deposit on a £165,995 property. My partner has an excellent credit score (around 997) and I fair (728). I am employed full time with a salary of £19,500 and he is self employed for 5 years with around £35k.

In terms of affordability the broker has advised it is quite tight particularly as we have personal debt between us of around £6,000, which is being repaid, but we have no missed payments, no CCJs nothing adverse in that sense, however it obviously makes our circumstances more risky.

We have since been declined for an AIP with platform through a broker but wondering if anyone knows of our chances of being accepted elsewhere? Ideally we do not want to have to wait a few months to improve our chances as this means the property we have reserved will be gone but we anticipate this may be the only solution.

Thanks in advance for any comments, they will be appreciated!

Thrugelmir

BabyDaisy15 wrote: »

In terms of affordability the broker has advised it is quite tight particularly as we have personal debt between us of around £6,000, which is being repaid, but we have no missed payments, no CCJs nothing adverse in that sense, however it obviously makes our circumstances more risky.

A 5% deposit and £6k of debt more or less cancels out. Focus on improving both will certainly aid your cause.

csgohan4

credit scores mean nothing, it's about history and affordability, you can have a credit score of 99999 and still fail.

amnblog

£53k income, 6k debt, and 124K Mortgage requirement hardly sounds tight on affordability. I suspect we are missing something here. Is your Partner showing £35000 on his tax returns or is he turning over 35k?

There will be other lenders available to manage the credit side but I wonder if the Broker went to Platform for affordability reasons.

BabyDaisy15

Sorry should have been clear, turnover is around £35k, net profit from the last 3 years accounts were £22k, £21.5k and £27k respectively.

I appreciate credit score is not really relevant but just wanted to provide an indication.

The broker has been very good and wanted to provide the best deal but I'm not sure if we can realistically get deals from the high street lenders in our current circumstances.

Thanks for replies so far everyone!

kingstreet

Are you promising to pay off credit commitments on or before completion to make your new mortgage affordable?

If you are, forget Platform as they will not ignore them for affordability.