Halifax Promise - will it stick?

mattpearce79

Has anyone had any experience of Halifax pulling out of mortgate promises in the current climate?

Halifax were my secong choice lender as the other lender was falling short with the amount they could lend me. I have managed to get quite a good deal with Halifax and my credit rating should be pretty good, i've only missed about 2 credit card payments in 12 years.

My financial advisor tells me i should have no problems getting an offer, shes seen a lot worse applications and people with a lot more outgoings than me and they've been accepted - i'm just concerned that things will go wrong.

Matt

opinions4u

Highly unlikely now that Lloyds have restored confidence to HBOS. You'll be fine with HBOS and if I'm wrong there are enough alternative lenders out there for you.

Morn

Not wanting to hijack the thread but do you think the interest rate on Halifax mortgages will rise considerably?

Tiddler_2

Morn wrote: »

Not wanting to hijack the thread but do you think the interest rate on Halifax mortgages will rise considerably?

The rates won't rise purely because of them being taken over by Lloyds TSB - remember HBOS as an organisation are extremely profitable (I think they announced half year results of around a £1.5b profit).

However, the problems of Lehman brothers, AIG etc has led to the LIBOR rates increasing and so the knock on effect of this will probably see rates rise, until the details of the USA's rescue package are fully known.

Morn

Tiddler wrote: »

The rates won't rise purely because of them being taken over by Lloyds TSB - remember HBOS as an organisation are extremely profitable (I think they announced half year results of around a £1.5b profit).

However, the problems of Lehman brothers, AIG etc has led to the LIBOR rates increasing and so the knock on effect of this will probably see rates rise, until the details of the USA's rescue package are fully known.

Ok that makes sense, I will watch with bated breath. Who needs spending money anyway!!

poppy10_2

HBOS still need to reduce their mortgage book by 10% - I think they may well pull out of the riskier mortgage market (e.g. 95% new build apartments)

0james0

mattpearce79 wrote: »

Has anyone had any experience of Halifax pulling out of mortgate promises in the current climate?

Halifax were my secong choice lender as the other lender was falling short with the amount they could lend me. I have managed to get quite a good deal with Halifax and my credit rating should be pretty good, i've only missed about 2 credit card payments in 12 years.

My financial advisor tells me i should have no problems getting an offer, shes seen a lot worse applications and people with a lot more outgoings than me and they've been accepted - i'm just concerned that things will go wrong.

Matt

Halifax are notorious though for giving mortgage promises and then not honouring them. I'm sure you'll be fine but both myself and colleagues have had issues with it in the past.

Often its to do with the way they do their credit searches, they do a "soft footprint" first which doesn't always reveal your true credit score. Also if your broker has missed off something simple like your middles names that also makes a big difference to Halifax accepting you and then subsequently changing their minds.

I had one recently that was processed as shared ownership right from the start, 6 weeks later they declined it as they had only just realised it was shared ownership! -despite it being all on the app form!!

Make sure you get all your payslips etc in first time as Halifax are massivley behind and normally take 3/4 days to look at things you send to them. If you are sending proofs of stuff in bits then you are looking at 3/4 days each time, can lead to big delays in the whole process.

mattpearce79

Thanks 0James0

I gave all the relevant paperwork, wage slips etc to my Financial Advisor who is doing all the admin for our mortgage app as far as i'm aware she has forwarded on all the relevant details..