Halifax "C" pass and application

welshboy26

I have applied for and had a "C" pass on my application to halifax for a ftb shared ownership mortgage.

I have 2 defaults one in 2004 for c £100 and one in jan 07 for c £550..... I was CONVINCED it would come back as a straight decline but as I say it came back as a "C" pass which i believe is when they need to look at it closer??? correct me if im wrong!

property is £60000 for 50% ownership housing people paying 5% dep and i am paying another 5% therefore 90% mortgage for £54000. I earn c £20,000.

Just wondered how this application process works. would the computer see my defaults and know that they were recent etc or is that why it gets looked at in detail i.e to see when they were and how much for etc etc

please can you explain the whole thing to me as im loosing sleep with it all!

thanks so much!

Wutang_2

C pass means they will want lots of ID etc...whoever is arranging this for you should explain this.

Regarding defaults - the credit search has been done.

Speak to your adviser if you need assurances

Ian_Griffiths_Halifax

You've been ok'd for the mortgage on a Pass 'C' because the credit check has been done. You are lucky to have got the mortgage.

They may want an explanation about the defaults, but it should be ok from here on.

opinions4u

Just wonder if it's being processed as a 45% mortgage instead of a 90% mortgage due to a keying error on Shared Ownership?

welshboy26

is this possible? im sure i saw her type in all the right figures etc....will see!

in regards to lots of id......is it like payslips for 3 months and old bills as proof of address etc they will need!

thanks very much for your advice guys ...fingers crossed and i will update on here tomo to let u know!

Ian_Griffiths_Halifax

I'd be surprised if it were mistyped as they have a button to tick that says it's Shared Ownership.

Proof of ID might mean Passport AND Driving Licence. They will take other ID such as Shotgun Licence, but you'll be able to get a list of acceptable ID.

They'll Also want Proof of Residency, such as Bank/Building Society Statement, Utility Bill, Landline Phone Bill dated within the last 3 months, or latest Council Tax, Water Rates or Mortgage Statement.

They may need 2 from each of these lists depending on what they've found while doing a credit check.

welshboy26

thanks alot ian for that!!

just a case of fingers crossed now then...hopefuly will know tomo!

many thanks again