New Homes Mortgage Helpline Lending Criteris

worriedegg

Wondering if anyone has any insight about NHMH. 

I am wanting to buy a new build with Bellway, but I have less than ideal credit. I have been offered a mortgage from Precise but have been advised I need to get approval from NHMH before I can reserve. 

I want to limit the amount of credit hits in my file, and understand the initial approval is a soft search, which I think will be okay? 

Does anyone know which credit reference agency they check? And what their initial criteria is?

Hoping I can find out what position I need to be in before applying. 

Thanks in advance

[Deleted User]

If you are using help to Buy then all they will be doing is sticking your numbers in to the calculator and getting a pass or fail.   They will also question you to make sure your aip with precise will actually got through to offer. 

How long ago is your aip from?  Precise aren't lending to the same level as before so are you sure it is still valid? 

worriedegg

Thankyou Deleted_User,

AIP was from early March so I’m not sure. I will check before I submit. I’m worried because I originally applied for an AIP with my current lender Halifax and was declined. 

Will having a valid AIP be helpful with NHMH? 

Thanks again, I would usually just wait until my credit improved but I’m looking to release equity to gift my mum who needs some financial help. 

kingstreet

Most brokers use DIPs which involve a soft search. This includes Precise, Halifax, Santander, Nationwide etc. They don't have their own.

[Deleted User]

Precise are only going to 75% at the moment and have only 2 products.  1 for help to Buy, and 1 for normal

Also have cut right back on allowable adverse.   Your AIP from March is effectively useless now, anyone with an aip older than a month might as well start again in my opinion.  Too many changes in mortgage availability since covid hit

Defaults 0 in 24 months

CCJs 0 in 24 months

Missed mortgage/secured loan arrears 0 in 12 months, 1 in 36 months (worst status)