Mortgage Approval

Itsjustsammy19

Hiya, we have just reserved a new build house and have a mortgage in principle. This has happened sooner than expected (house is just what we were after in a perfect location and we wouldn't get another opportunity like this as this is the only new estate in this area and buying pre owned houses are too expensive plus there was this one house we could afford and other couples were really interested) so we only have a small deposit saved. They have said that a 95% deposit should be ok as it's a starter home. The only thing I am worrying about is that our parents have given us £3000 to help towards deposit and other fees which we have to declare as gift aid and the fact I have £900 on my credit card. We can both easily afford the repayments, we have high credit scores,never missed a payment or been overdrawn and I pay at the very least the minimum balance off the credit card.
I guess I am looking for reassurance that the gift aid and my credit card won't go against us.

tetley

if you have a mortgage offer, then you have a offer. Just relax and get picking furniture. However a word of warning, DO NOT APPLY FOR ANY MORE CREDIT until you have moved in, the mortgage company will do a full credit check again just before they send the money over to your solicitors, about 3/5 days before you sign, if they find anything they dont like, they will pull the offer and leave you high and dry

scholesfan88

Are you using a mortgage broker?

Most lenders will accept gifted deposits, shouldn't be an issue.

If you declared your £900 credit card debt when you got your AIP, then again it's nothing to worry about.

Interesting that you think pre owned houses are more expensive than new builds. It's the complete opposite where I am in the NW.

Itsjustsammy19

We have a mortgage in principle so far, we have a mortgage advisor to come round and go though our finances in detail next week. We will find out then if we are approved.

Itsjustsammy19

Yes we are in Leicestershire and if we want to live in one of the villages near where we are then we'd be looking at a good 60k more for the same sized house if it's pre-owned.

kingstreet

Who have you chosen for your mortgage for 95% on a newbuild?

Itsjustsammy19

It turns out we didn't get a choice. It was Halifax or nothing and the rates were really high so we have pulled out of buying on a 95% LTV

[Deleted User]

Halifax only go to 85% ltv on a new build I thought??

Did you get an AIP for buying a new build or just one in general?

There are a few smaller building societies that do 95% on new builds. I use Ipswich for mine as its fairly local to me but not sure who wouod do them in your area. There may still be an option

amnblog

Deleted_User wrote: »

Halifax only go to 85% ltv on a new build I thought??

Did you get an AIP for buying a new build or just one in general?

There are a few smaller building societies that do 95% on new builds. I use Ipswich for mine as its fairly local to me but not sure who wouod do them in your area. There may still be an option

This is not correct. Halifax offer above 85% deals on new builds through selected brokers.

[Deleted User]

amnblog wrote: »

This is not correct. Halifax offer above 85% deals on new builds through selected brokers.

I do so little new build. Didn't even realise I can access the 95% new builds. My bad! Everyday a schoolday