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    • BabyDaisy15
    • By BabyDaisy15 12th May 18, 10:12 AM
    • 6Posts
    • 4Thanks
    BabyDaisy15
    HTB mortgage with fair credit score
    • #1
    • 12th May 18, 10:12 AM
    HTB mortgage with fair credit score 12th May 18 at 10:12 AM
    Hi everyone

    I was wondering if anyone can help? My partner and I are hoping to apply for a mortgage with Help to Buy with a 5% deposit on a 165,995 property. My partner has an excellent credit score (around 997) and I fair (728). I am employed full time with a salary of 19,500 and he is self employed for 5 years with around 35k.

    In terms of affordability the broker has advised it is quite tight particularly as we have personal debt between us of around 6,000, which is being repaid, but we have no missed payments, no CCJs nothing adverse in that sense, however it obviously makes our circumstances more risky.

    We have since been declined for an AIP with platform through a broker but wondering if anyone knows of our chances of being accepted elsewhere? Ideally we do not want to have to wait a few months to improve our chances as this means the property we have reserved will be gone but we anticipate this may be the only solution.

    Thanks in advance for any comments, they will be appreciated!
Page 1
    • Thrugelmir
    • By Thrugelmir 12th May 18, 10:18 AM
    • 58,528 Posts
    • 51,884 Thanks
    Thrugelmir
    • #2
    • 12th May 18, 10:18 AM
    • #2
    • 12th May 18, 10:18 AM
    In terms of affordability the broker has advised it is quite tight particularly as we have personal debt between us of around 6,000, which is being repaid, but we have no missed payments, no CCJs nothing adverse in that sense, however it obviously makes our circumstances more risky.
    Originally posted by BabyDaisy15
    A 5% deposit and 6k of debt more or less cancels out. Focus on improving both will certainly aid your cause.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • csgohan4
    • By csgohan4 12th May 18, 12:26 PM
    • 4,442 Posts
    • 2,785 Thanks
    csgohan4
    • #3
    • 12th May 18, 12:26 PM
    • #3
    • 12th May 18, 12:26 PM
    credit scores mean nothing, it's about history and affordability, you can have a credit score of 99999 and still fail.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • amnblog
    • By amnblog 12th May 18, 1:07 PM
    • 10,469 Posts
    • 4,136 Thanks
    amnblog
    • #4
    • 12th May 18, 1:07 PM
    • #4
    • 12th May 18, 1:07 PM
    53k income, 6k debt, and 124K Mortgage requirement hardly sounds tight on affordability. I suspect we are missing something here. Is your Partner showing 35000 on his tax returns or is he turning over 35k?

    There will be other lenders available to manage the credit side but I wonder if the Broker went to Platform for affordability reasons.
    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.
    • BabyDaisy15
    • By BabyDaisy15 12th May 18, 1:12 PM
    • 6 Posts
    • 4 Thanks
    BabyDaisy15
    • #5
    • 12th May 18, 1:12 PM
    • #5
    • 12th May 18, 1:12 PM
    Sorry should have been clear, turnover is around 35k, net profit from the last 3 years accounts were 22k, 21.5k and 27k respectively.

    I appreciate credit score is not really relevant but just wanted to provide an indication.

    The broker has been very good and wanted to provide the best deal but I'm not sure if we can realistically get deals from the high street lenders in our current circumstances.

    Thanks for replies so far everyone!
    • kingstreet
    • By kingstreet 12th May 18, 5:46 PM
    • 33,397 Posts
    • 18,085 Thanks
    kingstreet
    • #6
    • 12th May 18, 5:46 PM
    • #6
    • 12th May 18, 5:46 PM
    Are you promising to pay off credit commitments on or before completion to make your new mortgage affordable?

    If you are, forget Platform as they will not ignore them for affordability.
    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.
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