More mortgage help needed please

LilacPixie

I am attempting to buy.move house with my husband. I have a deposit of 19-20k which is equity in my property and a cash deposit to cover fees and moving coststhat is growing £500 a month. I bought our home before meeting my husband.

We applied to halifax for an AIP and it came back as a decline. No specific reason why.

I decided to get a copy of both our credit files and they all look fine. Virgin media have marked me as 1 late payment in 2007 but they have since corrected it. Adviser says that that would not be enough to cause a decline. There is another issue that may or may not have an impact and I am absolutly furious and ill be after blood if it has an impact. My OH moved here in 2005 and switched bank account etc to my address and e registered him on the voters roll along side me. When we checked his credit record it appears he has never been removed from the voters, IE his parents have never removed the details there and have signed the yearly form saying he is resident there.

I am fuming. could this be the reason our AIP as declined.

90k property - 20k deposit my income 22760, his 18500 but with 7k bonuses pretty much guaranteed. We have 2 kids. Obviously I do not include child benefit as an income. OH has debt. About 11k in all, costs him £480 a month but he is paying more to clear. There is just over 2 years to go on it. He is saving to pay that off earlier.

Could his parents stupidity be the reason for the decline?

LilacPixie

Anyone? Will I have to give upthe idea of buying together?

Windmill67

Hello, I'll chip in for what it's worth.

It's a combination of things that leaves people on lower incomes with smaller deposits up the creek. actually your loan to value is really good so it must be something on the credit file.

With his monthly credit commitment of £500 pcm his income used to work out the max loan will be reduced by 6k across the year. So, the joint income used is actually going to be £12500, not £18500. still doesn't seem like a massive problem though.

Lenders are looking for reasons to decline loans these days. It could be the voters roll, it could be the debt to income ratio or a combination of lots of little things. Sorry I can't be more specific with the answers but your post looked lonely.

House_owner

Don't worry you are not the only one, my dh and I got turned down for a bank account with Halifax, even though we have good credit history, no overdraft etc with current bank. It was all done through computer, the only reason the lady offered was that the 'computer declined you, because you have no other account with Halifax, so they do not know you'! - Maybe thats the reason you have been declined for your mortgage - frustrating I know.