Hi guys,
I'm new on here so bear with me.
I'm having difficulties in getting a mortgage for a new build as a FTB. Which is annoying. Here's why:
Been contracting for the past 9 months + 3 months left. Director of my ltd. I have 4 years accounts, but only 9 months as a contractor.
I'm looking to buy a new build property of circa £300k. Paid the reserve. Will lose it if I don't close in 3 weeks.
Experian credit score: 999. Past 4 years salary & dividend payments at standard (£40k). 2 credit cards with £15k limit. Total balance on both is just about £3.5k. Day rate > £400.
First mortgage consultant: "Decision in Principle rejected. Please send me your credit report". I sent it and she said she doesn't understand why it was rejected. Tried with Virgin Money, it was accepted, but I didn't meet other criteria.
Second mortgage consultant: "Halifax decision in principle accepted at half the mortgage value. But not for full loan value." Said something about me not having an extensive loan profile. I can't use my accounts as it'd be too low.
Third mortgage consultant: "Decision in principle accepted by Halifax for 20% HTB, 15% deposit and 65% mortgage". I can't afford 15% deposit.
Need advice on what to do next. I'd prefer to deposit 5%, use 20% HTB and loan 75%.
I'm new on here so bear with me.
I'm having difficulties in getting a mortgage for a new build as a FTB. Which is annoying. Here's why:
Been contracting for the past 9 months + 3 months left. Director of my ltd. I have 4 years accounts, but only 9 months as a contractor.
I'm looking to buy a new build property of circa £300k. Paid the reserve. Will lose it if I don't close in 3 weeks.
Experian credit score: 999. Past 4 years salary & dividend payments at standard (£40k). 2 credit cards with £15k limit. Total balance on both is just about £3.5k. Day rate > £400.
First mortgage consultant: "Decision in Principle rejected. Please send me your credit report". I sent it and she said she doesn't understand why it was rejected. Tried with Virgin Money, it was accepted, but I didn't meet other criteria.
Second mortgage consultant: "Halifax decision in principle accepted at half the mortgage value. But not for full loan value." Said something about me not having an extensive loan profile. I can't use my accounts as it'd be too low.
Third mortgage consultant: "Decision in principle accepted by Halifax for 20% HTB, 15% deposit and 65% mortgage". I can't afford 15% deposit.
Need advice on what to do next. I'd prefer to deposit 5%, use 20% HTB and loan 75%.
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