First Time Buyer Mortgage in Plymouth: Case Study – Credit Issues

From mortgage worries to owning their first home in Plymouth

Buying a first home can feel challenging, especially when you need a high loan-to-value mortgage and have concerns about your credit history. This was the situation faced by one of our first-time buyer clients in Plymouth, who approached us after struggling to understand whether the could get a mortgage.

With only a 5% deposit saved and some historic credit report issues, they were unsure whether a lender would consider their application.

Our role was to review the full picture, understand their circumstances, and find a suitable mortgage solution.

The client’s situation:

Our client was a first-time buyer looking to purchase their first property in Plymouth.

Their circumstances included:

• A 5% deposit available, meaning they needed a 95% LTV mortgage
• Stable employment and reliable income
• A good affordability position
• Some previous credit issues showing on their credit report
• Concerns that their credit history would prevent them from obtaining a mortgage

Like many first-time buyers, they had assumed that a few credit problems automatically meant a mortgage rejection. However, lenders assess applications differently, and the details behind credit issues can be just as important as the score itself.

Understanding the credit report:

The first step was carrying out a detailed review of the client’s credit profile.

We looked at:

• The type of credit issues recorded
• How recent the issues were
• Whether accounts had since been managed correctly
• The overall affordability and financial picture
• Which lenders’ criteria best matched their circumstances

Rather than approaching multiple lenders and risking unnecessary credit searches, we focused on identifying lenders who were more likely to consider the application.

Finding a suitable 95% LTV mortgage solution:

95% LTV mortgages can have stricter lending criteria because the borrower is providing a smaller deposit. When credit history concerns are involved, choosing the right lender becomes even more important.

After reviewing the available options, we identified a mortgage lender that suited the client’s circumstances and helped prepare the application before submission.

This included:

• Ensuring all supporting documents were ready
• Providing explanations where needed regarding the credit history
• Presenting the application clearly to the lender
• Managing communication throughout the process

The outcome:

The client successfully secured a mortgage offer and was able to move forward with purchasing their first home in Plymouth.

What started as uncertainty about whether they could obtain a mortgage became a successful first step onto the property ladder.

The key difference was not ignoring the credit issues, but understanding them and matching the application with a lender whose criteria aligned with the client’s situation.

Thinking about buying your first home in Plymouth?

If you are a first-time buyer in Plymouth with a small deposit or concerns about your credit history, it does not necessarily mean owning a home is out of reach.

Every mortgage application is different, and lenders consider a range of factors beyond a credit score alone.

At Stuart Ash Mortgage Services we help first-time buyers across Plymouth understand their options, improve their chances of success, and find mortgage solutions suited to their circumstances.

Speak to our team today to discuss your first-time buyer mortgage options.

‘Your home may be repossessed if you do not keep up repayments on your mortgage’

Use the link below for more details:

https://stuartashmortgageservices.co.uk/first-time-buyer-centre/

https://stuartashmortgageservices.co.uk/contact-us/

 

About the Author

This guide was written by Stuart Ash, a Plymouth-based mortgage broker over 7 years with experience helping first time buyers across Devon and Cornwall get their first mortgage. Stuart is CeMap (Certificate in Mortgage Advice) qualified.

Stuart’s focus is on providing clear, transparent and tailored advice to help clients make informed decisions about their mortgage needs.