Help To Buy and an adverse credit mortgage

goldhair86

Hi all

Just wondering if anyone might be able to help with this?

I'm currently going through the horrible process of trying to get a mortgage with my partner. I have amazing credit, he has three defaults with the most recent one being in July 2021 (all settled just to add).

I've been badly let down by a Mortgage Broker who had given me high hopes of being able to obtain a mortgage - she was useless. I'm currently going through Haysto and so far they have been great. They've managed to get me a decent rate with my 5% deposit doing Help to Buy - we are just at the DIP at the moment.

Another Mortgage Broker who I had reached out to before Haysto (but didn't get back to me until now) reckons that my new Mortgage Broker (Haysto) are basically weaving me a load of lies. I'm kind of getting the impression he is desperate for business and so wants me to get him on my case. He claims that when you come to do the Help to Buy application, if they see that you are going through an adverse credit broker or have obtained a DIP from a mortgage company that specialises in adverse credit mortgage then they will reject your application. Is this true? I've never heard of this.

Anyone been a similar boat? Any experiences with this?

Thanks x

 

kingstreet

I've never come across that before and we are HTB specialists and have been doing such business since 2013 (and before) when it was HomeBuy, FirstBuy etc.

You do need to ensure the true reversion rate is entered in the HTB affordability calculator NOT the initial rate you have managed to achieve. The HTB agent will do this on receipt of the mortgage offer and HTB apps have been declined weeks later as a result.

K_S

@goldhair86 To put it politely, I don't think he is correct. I have had a number of clients with a poor credit-history who got HTB mortgages through specialist lenders like Aldermore, Kensington, Precise, Pepper, etc. I'm pretty sure Homes England has no criteria which depends on the kind of lender that the applicant uses.

goldhair86

K_S said:

@goldhair86 To put it politely, I don't think he is correct. I have had a number of clients with a poor credit-history who got HTB mortgages through specialist lenders like Aldermore, Kensington, Precise, Pepper, etc. I'm pretty sure Homes England has no criteria which depends on the kind of lender that the applicant uses.

Yes! Thank you! I’m not even a specialist in any of this stuff, but I was pretty sure he wasn’t correct with what he was saying. That’s put my mind at rest slightly. Thank you so much x