Declined by Post Office - try Halifax?

JesseBirdsall

I have today been declined by the Post Office for a mortgage based on a low credit score. Basic 32400, comm 19k. debt currently 40k, though 20k will be repaid at the end of the month, not on completion which would have been after.

The low score is my fault. I too out a HP agreement on a car in Jan, got a Santander credit card which I havent used.

We were giving up selling the house so we applied for a remortgage with Chelsea. This was agreed but i needed to find 13k to pay down my mortgage. I knew I would have saved 20k etc to repay the credit cards i racked up to fund the repayment so i wasnt worried.

We were just about to return the deed to chelsea when we got an offer on our house. I applied to Post Office and got an AIP and applied online formally and it showed online as accepted, pending payment of the survey.

Itemerged our buyer wasnt in a fully formed chain. We received another offer quite a bit lower so I applied for another AIP @ 90%. this was declined. I tried 85% and this was declined. Post Office left the 80% LTV app approved.

Anyway, I paid the survey fee and was contacted today to say my credit score was no too low and they wont do it. Also felt debt was too high, despite their mortgage calculator showing I could borrow 50k more when I factor in the repayments currently!

Anyway, we need to borrow 146k. Spoke to a mortgage adviser who suggested applying to Halifax. He said if Halifax wont do it, i would have a real struggle.

In the past 6 years we have not missed any payments, its just the searches dragging us down.

Does anyone think Halifax is worth a shot? I feel very sick that I have let my family down:(

Thrugelmir

In the past 6 years we have not missed any payments, its just the searches dragging us down.

Don't kid yourself. Tackle your debts out first. That's where the issues now lie.

jockosjungle

Strongly doubt it is the searches dragging you down, more likely the 40k of debt

R

JesseBirdsall

well tried the Halifax via a broker. Perfect, they were willing to lend 100k more than we needed and on doing the application, they dont need the debt paid down or even sight of a payslip.

it really is a case of credit scoring differences between organisations.

becca0417

Glad to hear you got on OK. We were refused by Post Office, tried Halifax and were also refused! Different cases I suppose!

jockosjungle

JesseBirdsall wrote: »

well tried the Halifax via a broker. Perfect, they were willing to lend 100k more than we needed and on doing the application, they dont need the debt paid down or even sight of a payslip.

it really is a case of credit scoring differences between organisations.

Not being funny but how did you get a mortgage agreed and signed off so fast?

Have you actually got a mortgage from Halifax or an AIP?

R

xyellowx

Please dont think a AIP given is a mortgage offered
cant see halifax giving a mortgage to sombody with 40k of debt and you would have to supply 3 slips unless you banked with halifax
hope you havent paid the broker any fees yet as i think you will be getting a call off the halifax underwriters with some bad news

z1234_2

Hi,

I applied through a broker for a mortgage from Halifax 3 weeks ago and still waiting for a full mortgage offer... hopefully should get something end of week or early next week

I gave them a call today advised they are a week behind in processing..

Thanks

michael1234

Any news Jesse ?

xyellowx

halifax seem a bit more relaxed but the rates they offer are far from the best available
if you bank with them they dont need payslips and should be able to give you a full mortgage promise which includes all the credit checks/criteria

but do shop around if possible