Rejected for a Mortgage Question

Guitario

I was rejected by the Halifax today witha 15% deposit on a property of £143k, the FA said it was because I only have as mall amount of credit history, it's clean as a whistle but a bit sparse!

He said that Halifax have approved with a 20% deposit which I can't raise before the agreed dealdline. He said that he can arrange a loan for the remainder, but I'm not keen on that tbh.

If I just go to other lenders and rack up 4 or 5 applications will I make things worse for myself?

Ta.

hethmar

Thats a bit mean isnt it. I wonder if it really is to do with a sparse credit history or whether that is just their new criteria.

I cant see how an application to another lender could make things worse? Check out one of the moneysupermarket type websites which would narrow down your likely options first.

hethmar

Ah, just seen on your other thread, this is a new build - you never mentioned that! I think you will find thats why the deposit required is so high, because the lender knows that a new build will in effect be overpriced at the very start and they are covering themselves.

Guitario

Yes, the other post is rather long, so I am really trying to find out if applying with Abbey, Nationwide etc is a good idea or just give up and wait for a very good deal on a non new build.

One of the smaller regional BS are very keen, saying that 10% on a new build would be fine, but as mentioned the FA reckons that saying yes, no problem and actually completing are very far apart.

The property is a belter, was 164, I got for £143 with 5% as a vendor gifted, actually a better deal than most property 2-10 years lived in.

I posted before for advice and I think that you were quite vocal in claiming I was a wind up, my IP should be checked etc.

This was the property I could have got for £134k
http://www.rightmove.co.uk/viewdetails-23514782.rsp?pa_n=1&tr_t=buy&mam_disp=true

It turned into a bit of a game where we were always just 1k or £500 under what someone else had just offered, so we walked away deciding to wait until after xmas, but then we were approached by the new build company with a corking deal.

PasturesNew

For new builds a deposit is now typically 25% minimum. To cover their 4rses.

Guitario

Apologies hethmar it wasn't you, was some paranoid by the name of mitchaa... 'I see dead people stealing my house price'.

Reply from mitchaa on my thread.
http://forums.moneysavingexpert.com/showthread.html?t=1248979

Quote:
Originally Posted by Guitario
this is my first post .

I bet you it's not:D


Quote:
Originally Posted by Guitario
We made a cheeky offer on 2yr old 4 bed detached that has been accepted

Sold for 189k 2 years ago, we offered 133k and it's been accepted:beer:
I think most would see that as a good deal?


Any links to prove where you can get 4 bed detached houses for the price of typical 2 bed flats?? No, i thought not;)

Either you live in the bronx or you are bullsh*tting for a wind up.

FAIL!!!!

I wonder who has been sad enough to create a new account to windup the HPC bulls :rotfl: A quick IP check of the user account may reveal all:p

Some of you lot are so gullible.

Evidence required for this 1 please:D

PasturesNew

Sorry, English spoken here.
I couldn't understand one word of #6

*shrugs*

brit1234

Guitario wrote: »

I was rejected by the Halifax today witha 15% deposit on a property of £143k, the FA said it was because I only have as mall amount of credit history, it's clean as a whistle but a bit sparse!

Hi as part of my plan to buy a house (and world domination:D) I got a mobile phone contract binning my pay as you go to improve my credit rating before buying. Other ways are getting credit cards and paying off early and such like.

Have a read of the link below how to improve it.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

Guitario

Pastures...

English may well be spoken here but did you not bother to 'hear' the words above that post before listening to that one post?

I was attacked in a previous post as being a wind up merchant, I had thought it was hethmar but I got it wrong, it was a poster called mitchaa. I the cut and pasted mitchaa's original comment from my earlier post to illustrate.

Any clearer? :-)

Guitario

Thanks Brit, good advice. I fear even if I act on those points it will be too late to bag my house :-(

Dan:_4

brit1234 wrote: »

Hi as part of my plan to buy a house (and world domination:D) I got a mobile phone contract binning my pay as you go to improve my credit rating before buying. Other ways are getting credit cards and paying off early and such like.

Have a read of the link below how to improve it.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

I hope your credit history is more then just a mobile phone contract Brit.