Hi..I am new to this, but am after some advise please....
My partner and I are looking at the Help to Buy Scheme, as we have a few developments around our area which are offering this scheme. We have the 5% deposit (£12,500), we have worked out our affordibilty and can afford the mortgage payments every month. But my questions are, will we be able to secure a mortgage as I have one sattisifed default from Nov 2008 and a few other missed payments from around the same time. My partners credit history is perfect, and mine has been too since 2009, my credit score is 999 with experian. Would lenders class HTB as 95% LTV or 75% LTV, as we have already been turned down at a LTV of 90% with the Halifax...Do we stand a chance with HTB or would we be better off waiting until the default and missed payments are wiped?
Any help would be appreciated as we are getting very frustrated.
My partner and I are looking at the Help to Buy Scheme, as we have a few developments around our area which are offering this scheme. We have the 5% deposit (£12,500), we have worked out our affordibilty and can afford the mortgage payments every month. But my questions are, will we be able to secure a mortgage as I have one sattisifed default from Nov 2008 and a few other missed payments from around the same time. My partners credit history is perfect, and mine has been too since 2009, my credit score is 999 with experian. Would lenders class HTB as 95% LTV or 75% LTV, as we have already been turned down at a LTV of 90% with the Halifax...Do we stand a chance with HTB or would we be better off waiting until the default and missed payments are wiped?
Any help would be appreciated as we are getting very frustrated.