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  • FIRST POST
    • Mo87
    • By Mo87 23rd Jul 17, 9:18 AM
    • 53Posts
    • 4Thanks
    Mo87
    Halifax Mortgage Application
    • #1
    • 23rd Jul 17, 9:18 AM
    Halifax Mortgage Application 23rd Jul 17 at 9:18 AM
    Hi Guys,

    I was after some advice, I am looking to purchase my 1st property along with my partner. The house we have found is at £252,950, we have a 5% deposit available and can go higher if required. We want to take get the
    the Help to Buy 20% Equity loan, with the idea once we have a property we will make overpayments to chip away at this balance.

    Going back to 2012/2013 I had 6 Defaults, smallest sum being £150 and the highest £1250, all have since been paid in full and updated on my credit file. Since then I have not borrowed any money etc and not had any payment issues for at least 36 months, the majority of the defaults will drop off my credit file within the next 18 months or so. My partners credit file is clear with no late/missed payments etc.

    My partners salary is £20,000 and mine has a basic of £16,000 plus commission, I earn typically £1000 - £1500 on top each month.

    Our combined outgoing are;
    Rent + bills £950
    Company car scheme £279
    PCP £315
    Car insurance £60
    Phone bills £80

    'Debts' ?
    Partners student overdraft £2000
    Partners credit card £750

    Would the above 2 have an impact on the application ?

    I had spoken to New Homes Mortgage Helpline who told me I was declined by a high street lender but I couldn't see anything on my credit file to this effect, but they had got me an acceptance with Precise Mortgages. Since I was recommended another broker, I spoke to them on Monday and sent over my credit file along with; our ID, 3 x bank statements, 3 x payslips and proof of address and she came back to me with AIP from Halifax much to my surprise.
    I know many on here mention the AIP's don't really mean anything other than you passed their initial threshold score.

    I have a credit card with Halifax with a zero balance, when I went through my financial issues I already had the account and they capped the balance at £750 until it was cleared last year, Since then they have twice increased the credit limit without me applying for it and it is now at £2750 which is a good sign I guess.

    My Mortgage Advisor has applied for the Help to Buy Equity loan for us as this takes a couple of weeks and will have some paperwork out to us next week to sign and return. Apparently it is better to have this in place before submitting the full application.
    I have been told I need to pay a £500 fee for valuations etc. however a little concerned that when it goes to this stage it could be declined because of my past history or am I being a stress head.

    Once they submit the application typically how quickly could you expect to hear back with a decision subject to a valuation etc ?

    Just after some advice and re-assurance
    Last edited by Mo87; 23-07-2017 at 9:20 AM.
Page 3
    • Mo87
    • By Mo87 24th Aug 17, 4:31 PM
    • 53 Posts
    • 4 Thanks
    Mo87
    So to update;

    Valuation appeal submitted 20/8/17
    Appeal rejected; 24/8/17
    Halifax instruct 2nd valuation 24/8/17 - CS Manager has emailed management at Colleys asking for either Colleys/Countrywide to do this, the latter has recently valued an identical house type at the full asking price of £249,950.

    Hopefully we can get this sorted now ...
    • Mo87
    • By Mo87 7th Sep 17, 3:49 PM
    • 53 Posts
    • 4 Thanks
    Mo87
    Finally made some progress

    AIP Received; 25/7/17
    Full Application Submitted 31/7/17
    Acceptance Subject to Valuation 1/8/17
    Valuation 10/8/17
    Down Valuation 11/8/17 - £240,000
    Renegotiated 16/8/17 - Price dropped from £252,950 to £246,000 plus further optional upgrades.
    Full offer; 17/8/17
    Appeal down valuation 20/8/17
    Appeal rejected and 2nd valuation instructed; 24/8/17
    2nd Valuation; 5/9/17
    Full offer at purchase price received 6/9/17

    Stressful would be an understatement, ha
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