AIP, offer accepted...nervous

poppyegg22

Hi,

so me and my partner have had an offer accepted on a house we love. It is priced at £112,000 and we’ve got an AIP from Halifax, tsb and Barclays. We have got a mortgage appointment with Barclays on Tuesday but now I am worrying whether we will get accepted are the chances high since we have an AIP? 

My credit scores are 

Transunion/MoneySuperMarket - 627

ClearScore/equifax - 545 

Experian - 808 

My partners are:

Transunion - 609 

Experian - 990 

Clear score - 585

My partner has an Argos card that he’s used but always paid off, I have a few late payments on my credit score (most from a previous relationship) but the last one is dated august 2019. 

Slithery

Your credit scores are all irrelevant, they're just numbers plucked out of thin air by the credit agencies. It's your credit history that is important.

Is there any reason you have decided to approach banks directly instead of go through a broker who has access to more (usually cheaper) products and can match your credit history with the most suitable lender?

poppyegg22

I’m not really sure. We don’t have a lot of knowledge on the subject being first time buyers? Is this what we should be doing? 

FTB_Help

What's your combined salary and how much deposit do you have?

You can go direct or via a broker, broker will be able to find best rates for you and your situation

poppyegg22

Our combine salary is 33,181
and our deposit amount is 11200 (10%) 

Would it be more beneficial to use a mortgage advisor or go direct? 

FTB_Help

I'd go to a mortgage broker they'll be able to find you the best rates.

Looks like you're only looking to borrow 3 times your salary, but depending on your situation (self employed/ furlough) etc a broker will be best to handle the situation.

Most brokers are free and get their fees from the lenders.

Maybe post to the mortgage forum there are some brokers that will post there and could help you find a lender

hopeitwill

Agree with above. My clearscore is 397 out of 700, and my experian is 999. There is no meaning to those scores. What is meaningful is if there are missed payments or defaults on anything. Direct can be ok but mortgage brokers are really able to find the best rate.

poppyegg22

We had a browse on money supermarket which is how we ended up booking the appointment at Barclays but if I can get a better rate elsewhere I don’t know if I’m better off. Will post in there thanks 

poppyegg22

hopeitwill said:

Agree with above. My clearscore is 397 out of 700, and my experian is 999. There is no meaning to those scores. What is meaningful is if there are missed payments or defaults on anything. Direct can be ok but mortgage brokers are really able to find the best rate.

As mentioned the last missed payment is August 2019.

hopeitwill

poppyegg22 said:

hopeitwill said:

Agree with above. My clearscore is 397 out of 700, and my experian is 999. There is no meaning to those scores. What is meaningful is if there are missed payments or defaults on anything. Direct can be ok but mortgage brokers are really able to find the best rate.

As mentioned the last missed payment is August 2019.

I would search for the lending criteria of the lenders you are thinking of going directly to. Most lenders should be fine with a missed payment in the last few years but more than a few missed payments, I'm not so sure. That's where brokers would be able to give you better recommendations.

poppyegg22

Found this on the lending criteria, does that mean they are only looking at the last 2 years?