Declined Help to Buy mortgage by the high street lenders we can help.
Help to Buy mortgage declined what next?
A Help to Buy purchase is normally supported by a mortgage so if a lender declines this aspect of the transaction everything grinds to a halt. The good news is not all mortgage lenders apply the same strict rules and your Help to Buy purchase may still be possible.
The pool of Help to Buy Lenders is smaller than the conventional purchase market so the first thing you need to do is find a Mortgage Broker that has access to the ‘whole market’ to give you the best chance of success. You then should read their online reviews to drill down to a firm with experience in placing mortgage declines, such as Niche Advice.
Help to Buy mortgage solutions
Niche Advice panel of lenders can accommodate the following difficulties which main Help to Buy lenders may not be able to consider:
- Self-employed trading one year.
- Foreign Nationals on Visas.
- Second jobs.
- 100% of shift, car and large town allowances.
- 100% of tax credits (3 year history, and children’s ages are important).
- Bonus and commission income.
- Income multiples of up to 4.5 times.
- Family gifted deposits.
- Arrears on personal loans.
- Missed payment on mobile phone contracts.
- Credit card missed payments.
- Catalogue / mail order arrears.
Bad Credit Help to Buy Mortgages
In addition, more serious credit issues can be considered on Help to Buy mortgages:
- Mortgage arrears:
1 missed payment in 12 months, 3 in 36 months (worst status on credit report)
- County Court Judgements:
3 of any value
5 of any value
- Debt Management Plans:
Active and satisfactorily maintained debt management plans.
Help to Buy Property Issues
- New Build flats in blocks up to 20 storeys
- New Build flats in a block where the ground floor is commercial / shops are considered.
- New build warranties other than standard NHBC considered.
Niche Advice offers appropriate advice to applicants struggling to get a mortgage approved including those purchasing under the Help to Buy Scheme. To find out more complete the Contact Form on our website or call T: 020 993 2044, we would be delighted to hear from you and make your Help to Buy purchase a reality again.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.