First time buyers as struggling

JCB_Man

Hi Everyone,

We are looking to purchase our first house so we've never done anything like this before and its going wrong., fast.

So we've been to a mortgage broker, Wife has credit score of 666 (experian) and a default that is now paid off just waiting for credit report to update. Shes a Nurse and earns £14000. They advised us that no-one will touch an application with her on.

I'm self employed for 10 plus year, credit score of 822 (Experian) nothing bad just lack of "credit history" and a vehicle on finance for 12 months no missed payments. I have average of £41,500 on my past 2 years SA302's (Now, see below)

So we were verbally given an AiP of £195,000 4 months ago which they say was also emailed to us but it was not. Called broker last week to confirm AiP was still ok and they said "yes if nothings changed". Put offer in on house for £220k and it was accepted. The AiP originally was done from a financial statement for 2017 + 2018 from my chartered accountant, Now broker has got us in to make the application and requested i bring my SA302's from my accountant, they we gobsmacked the income figure is lower on them due to tax relief my account has used from my van i purchased last year or something along those lines???

So now we're short of money.... They re-ran the AiP using the financial statement again and say its now £184k or £187k (Not the £195k first said) if we take a poor rate but i'd need to get my SA302's altered to match the financial statement..... if not they say the £184k will drop another £12k.... When I spoke to my accountant said the AiP should never of been done using the financial statement. And now I'm just waiting for the estate agent to call asking where we are upto......

I've ran this evening an AiP with my wife on with halifax and it said:
You could borrow
£198,000
With your deposit of
£22,000
Over a maximum term of
31 years
Or if you're looking to get a bigger mortgage, you could borrow up to £244,065 with a minimum deposit of £27,119.

This would fix the problem if we could get my wife on the mortgage? Whats the chances of this with her default? We realise we wont get the best rate but i feel we just need to get "A Mortgage". within reason.

Thank

csgohan4

you need to stop doing AIPS online, causing more credit checks and get the broker to help you out or get a better one

ACG

As above, stop doing AIPs - there are affordability calculators out there for a reason.

What your broker has done is pretty poor. You do not do AIPs without the documents for exactly the reason that has happened. If it is not in writing it could be wrong or not exist.

I would try another broker, a decent one who will do the research with everything in hand and not try and cut corners.