Excellent credit and poor credit - help to buy mortgage help!
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Is the mortgage broker linked to the developer whole of market? Did the broker ask to see copies of all 3 of your credit files (that's files not scores) before applying to NatWest or Nationwide?0
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No he asked for one of our files Equifax or Experian, 3 wages slips and ID. It’s an independent mortgage advisor company which the developers are linked with.
He’s said that the application he’s done has been referred.0 -
so the application is referred not declined?0
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You say that you were accepted for HTB (assume equity loan), for that you need Decision in principle, which lender was that with?We found a house on help to buy, and after discussing with the developers and a mortgage broker they both said to see if we could get accepted on he help to buy - which we did - then apply for a mortgage.
Look careful at the mortgage broker fee, most of the ones recommended by the builder have extreme fees. In my case it was 1.5% which is close to £5k on the £330k I was looking to borrow. Simply laughed in their faces.0 -
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It sounds like your current Broker is not used to doing these Help to Buy cases with poor credit history.
We do them all the time and would not be trying to credit score you with Halifax and Nationwide on the off chance you 'might get lucky'.
Which Lender have you now given permission to them to run credit score with?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
FWIW we work with a number of builders, one national and several regional and we charge nothing in return for the introductions. We also pay them nothing.Look careful at the mortgage broker fee, most of the ones recommended by the builder have extreme fees. In my case it was 1.5% which is close to £5k on the £330k I was looking to borrow. Simply laughed in their faces.
Our success with builders is purely due to our ability to provide the kind of seven day service they require.
We offer exactly the same quality of service to those who pay us nothing, as we do to those who pay our (maximum) £250 broker fee.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I believe he’s now looking at a poor credit mortgage company as it has appeared on my credit report that they have searched.
When I was looking at their website (stole the name off my credit report!) it says they do consider poor credit mortgage applications and all applications are referred as it’s all done by a human rather than a computer.
When we asked about the decision in principle prior to reserving we were told no just the approval of help to buy.
It’s all confusing to me!0
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