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  • FIRST POST
    • Jobyjo
    • By Jobyjo 11th Jul 18, 12:58 PM
    • 9Posts
    • 0Thanks
    Jobyjo
    Excellent credit and poor credit - help to buy mortgage help!
    • #1
    • 11th Jul 18, 12:58 PM
    Excellent credit and poor credit - help to buy mortgage help! 11th Jul 18 at 12:58 PM
    Hi everyone,

    Iíve been reading some of these threads over the last couple of weeks as we are looking to buy our first home

    We are currently renting and paying £900 a month. We decided enough was enough and when we got given a large sum by a family member along with the amount of savings we had we decided we would look into the help to buy.

    We looked at our credit files, my partners is 982 and mine is 300 both on Experian. I was convinced I wouldnít get a mortgage with that and looked rather on Experian and it matched me to some mortgages. So I felt all hope was not lost.

    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.

    Our mortgage broker who is linked to the developer has tried NatWest and nationwide who I didnít think would accept my credit score and both have declined. He has applied to another who, in his words, are more ďlenientĒ with poor credit. Still awaiting to hear.

    Just wondered if anyone had any past experiences with of something like this. Some people I have seen on these threads have suggested to try Aldermore. But our mortgage broker said only certain banks do help to buy.

    Thank you !!!128522;
Page 1
    • zx81
    • By zx81 11th Jul 18, 1:00 PM
    • 19,347 Posts
    • 20,671 Thanks
    zx81
    • #2
    • 11th Jul 18, 1:00 PM
    • #2
    • 11th Jul 18, 1:00 PM
    Your score are made up so not of any use.

    What do your credit files show?
    • Jobyjo
    • By Jobyjo 11th Jul 18, 1:10 PM
    • 9 Posts
    • 0 Thanks
    Jobyjo
    • #3
    • 11th Jul 18, 1:10 PM
    • #3
    • 11th Jul 18, 1:10 PM
    I have one ccj from 3 years ago and a default of around the same time.
    • zx81
    • By zx81 11th Jul 18, 1:13 PM
    • 19,347 Posts
    • 20,671 Thanks
    zx81
    • #4
    • 11th Jul 18, 1:13 PM
    • #4
    • 11th Jul 18, 1:13 PM
    Are your CCJ and default settled?

    What do his files show?
    • Jobyjo
    • By Jobyjo 11th Jul 18, 1:18 PM
    • 9 Posts
    • 0 Thanks
    Jobyjo
    • #5
    • 11th Jul 18, 1:18 PM
    • #5
    • 11th Jul 18, 1:18 PM
    His files show everything perfect. Never missed a payment.

    Mine are all settled and ccj was for under £300
    • The_Analyst
    • By The_Analyst 11th Jul 18, 1:35 PM
    • 65 Posts
    • 88 Thanks
    The_Analyst
    • #6
    • 11th Jul 18, 1:35 PM
    • #6
    • 11th Jul 18, 1:35 PM
    Your score are made up so not of any use.

    What do your credit files show?
    Originally posted by zx81
    Everyone on here says that, but my mortgage broker asked for our scores and said our mortgage provider looks at credit file AND credit score
    • The_Analyst
    • By The_Analyst 11th Jul 18, 1:36 PM
    • 65 Posts
    • 88 Thanks
    The_Analyst
    • #7
    • 11th Jul 18, 1:36 PM
    • #7
    • 11th Jul 18, 1:36 PM
    Hi everyone,

    Iíve been reading some of these threads over the last couple of weeks as we are looking to buy our first home

    We are currently renting and paying £900 a month. We decided enough was enough and when we got given a large sum by a family member along with the amount of savings we had we decided we would look into the help to buy.

    We looked at our credit files, my partners is 982 and mine is 300 both on Experian. I was convinced I wouldnít get a mortgage with that and looked rather on Experian and it matched me to some mortgages. So I felt all hope was not lost.

    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.

    Our mortgage broker who is linked to the developer has tried NatWest and nationwide who I didnít think would accept my credit score and both have declined. He has applied to another who, in his words, are more ďlenientĒ with poor credit. Still awaiting to hear.

    Just wondered if anyone had any past experiences with of something like this. Some people I have seen on these threads have suggested to try Aldermore. But our mortgage broker said only certain banks do help to buy.

    Thank you !!!128522;
    Originally posted by Jobyjo
    I looked at moving my mortgage a couple of years back. At the time we both had 2 or 3 defaults on our record, but as they were more than 3 years old, our broker was able to find a number of lenders willing to play ball. Don't give up hope
    • zx81
    • By zx81 11th Jul 18, 1:37 PM
    • 19,347 Posts
    • 20,671 Thanks
    zx81
    • #8
    • 11th Jul 18, 1:37 PM
    • #8
    • 11th Jul 18, 1:37 PM
    Everyone on here says that, but my mortgage broker asked for our scores and said our mortgage provider looks at credit file AND credit score
    Originally posted by The_Analyst
    You need to get a new mortgage broker who knows what he's doing.
    • Jobyjo
    • By Jobyjo 11th Jul 18, 1:40 PM
    • 9 Posts
    • 0 Thanks
    Jobyjo
    • #9
    • 11th Jul 18, 1:40 PM
    • #9
    • 11th Jul 18, 1:40 PM
    As we are first time buyers we don!!!8217;t know where to start. We thought with his excellent rating we would be ok-ish.

    Lots of people have said Aldermore.
    • zx81
    • By zx81 11th Jul 18, 1:45 PM
    • 19,347 Posts
    • 20,671 Thanks
    zx81
    You need someone who will look at affordability, debts, income and so on - not the pretend scores and ratings.

    It would be worth engaging a real broker, rather than one recommended by the developer. A good one will pay for themselves many times over.

    Can family or friends recommend anyone?
    • Jobyjo
    • By Jobyjo 11th Jul 18, 2:01 PM
    • 9 Posts
    • 0 Thanks
    Jobyjo
    All of my family are either renting or got their mortgage years ago. Friends are all renting pretty much!

    Feel so down about it all I just don!!!8217;t think our little house will happen
    • Pixie5740
    • By Pixie5740 11th Jul 18, 2:13 PM
    • 13,272 Posts
    • 19,098 Thanks
    Pixie5740
    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?
    • Jobyjo
    • By Jobyjo 11th Jul 18, 2:27 PM
    • 9 Posts
    • 0 Thanks
    Jobyjo
    No he asked for one of our files Equifax or Experian, 3 wages slips and ID. Itís an independent mortgage advisor company which the developers are linked with.
    Heís said that the application heís done has been referred.
    • jaelato1
    • By jaelato1 11th Jul 18, 3:43 PM
    • 73 Posts
    • 40 Thanks
    jaelato1
    so the application is referred not declined?
    • sal_III
    • By sal_III 11th Jul 18, 3:47 PM
    • 651 Posts
    • 664 Thanks
    sal_III
    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.
    Originally posted by Jobyjo
    You say that you were accepted for HTB (assume equity loan), for that you need Decision in principle, which lender was that with?

    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.
    • zx81
    • By zx81 11th Jul 18, 3:49 PM
    • 19,347 Posts
    • 20,671 Thanks
    zx81
    He!!!8217;s said that the application he!!!8217;s done has been referred.
    Originally posted by Jobyjo
    so the application is referred not declined?
    Originally posted by jaelato1
    According to you, yes...
    • amnblog
    • By amnblog 11th Jul 18, 3:54 PM
    • 10,827 Posts
    • 4,312 Thanks
    amnblog
    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.
    • kingstreet
    • By kingstreet 11th Jul 18, 5:14 PM
    • 34,344 Posts
    • 18,654 Thanks
    kingstreet
    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.
    Originally posted by sal_III
    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.

    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.
    • Jobyjo
    • By Jobyjo 11th Jul 18, 5:52 PM
    • 9 Posts
    • 0 Thanks
    Jobyjo
    I believe heís 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 itís 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.

    Itís all confusing to me!
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