lulu
Hello, first time poster.

I have had some difficulties with credit in the past due to illness.

I am now back on my feet and in full time employment, however I am left with 4 defaults registered against me from 2015 to 2017 the largest being for 1800. They are all satisfied now.

I am looking at a new build house with the help to buy scheme and my question is would thete be any possibility of a mortgage with these defaults or do I need to wait until some or all of them drop off, two will do so next year but then will miss the help to buy deadline as have previously owned a home.

Thanks for reading! 
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Hayley@simplyadverse
Hi,

Based upon the information provided, there are a limited number of lenders that potentially lend in these circumstances.

Be mindful with the Help To Buy Equity loan you need to fit both the lender affordability and Help To Buy Equity.

Given the nature of some of these Developers I would definitely suggest you check lender acceptance in advance of looking at properties.

Best of luck
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lulu
Thank you so much for replying Hayley and for the information.

Two of my defaults will drop off by March so thinking I may wait until then, time to add to my deposit. 

Are lenders averse to lending with the help to buy equity loan as deposit? 

I only have about a 5% deposit in savings so the equity loan seemed like an option to have a 25% deposit.

I took out my previous mortgage 8 years ago through a high street lender so I'm not sure how brokers work?

Would I pay for inital advice or do brokers give you an idea if they think they can help before a few is charged? Apologies for my ignorance.

Many thanks,

Lulu
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Hayley@simplyadverse
No problem at all,

Your circumstances sound acceptable now, with no necessary need to wait.

Every broker treats fees differently, but as a regulated industry we need to lay out specifically the charging structure in advance of any engagement.

For reference we would always take a clients credit file and confirm solutions and costs at no cost.  

Our fees would only ever be chargeable for a formal mortgage offer, but often some brokers will charge an application fee.


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