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RBS v Halifax - Advice

sgh1976
Posts: 424 Forumite

Been going through the whole process of applying for a Mortgage on the homebuy scheme. Initially our mortgage application went to the RBS. To get on the homebuy we had to have the agreement in principle, wish we got no problemo, infact RBS said based on the info they had, credit checks etc we could lend £154000, nice as we only need just shy of £95000.
On Tuesday my IFA phoned me up to say RBS have declined our application! Gutted wasn't the word. As RBS and Halifax are the only people dealing with HBD we asked him to submit an application to Halifax.
He phoned last night to say he had done initial checks and put in the worse case scenario for our rating/outgoings etc and got back a figure of £103000. Then he got in touch with Halifax gave them all of our details and we got approved for upto £130000.
Our heads are spinning at the moment as we went from losing our chance to buy to getting back again within 24 hours.
So if we passed the Halifax initial test and got a decent offer in principle, are they likely to follow the RBS and decide against it? Does having a joint account with the Halifax help us and how long to Halifax take to make a decision. Our IFA is submitting the full application today
On Tuesday my IFA phoned me up to say RBS have declined our application! Gutted wasn't the word. As RBS and Halifax are the only people dealing with HBD we asked him to submit an application to Halifax.
He phoned last night to say he had done initial checks and put in the worse case scenario for our rating/outgoings etc and got back a figure of £103000. Then he got in touch with Halifax gave them all of our details and we got approved for upto £130000.
Our heads are spinning at the moment as we went from losing our chance to buy to getting back again within 24 hours.
So if we passed the Halifax initial test and got a decent offer in principle, are they likely to follow the RBS and decide against it? Does having a joint account with the Halifax help us and how long to Halifax take to make a decision. Our IFA is submitting the full application today
0
Comments
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I had the same thing happen to me with RBS. I'm no expert but I hear the reason is that the OIP is done electronically, your application will not be seen by a human being untill the formal application is made and it lands on the underwriters desk.
In the end I nagged them to reconsider and after sending in my credit file and sorting a few things they approved it.
I think that going with your own bank (I bank with RBS) does carry some weight although i'm no expert on any of this.
Good luck.0 -
I got told simple things like spelling goes against you and grammer. So make sure everything is correct. I cant see why this would go against you, but something to look out for when applying for credit/mortgage.0
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I got told simple things like spelling goes against you and grammer. So make sure everything is correct. I cant see why this would go against you, but something to look out for when applying for credit/mortgage.
All we have had to to is sign a declaration for RBS and nothing extra was required by HAlifax (we were electronically confirmed apparantly so no sig required)
Everything else done by the IFA, so I trust him to spell everything correctly0
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