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Halifax Mortgage Promise
emsylove
Posts: 9 Forumite
Any experiences?? Myself and my partner have had a mortgage promise but it seems way above (by about 90k) what the online calculators from other high street lenders have quoted. I don't understand and don't want to be let down. Of course we wouldn't even look anywhere near to the top of the budget anyway. Does anybody have any experience of this? Thanks in advance!
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I was wondering the same thing. We have also had a mortgage promise from Halifax which is a lot higher than the other mortgage companies we and our broker have tried.Remember never judge someone that makes a mistake, because in six months time it may be you that makes the next mistake.0
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Halifax stagger amounts depending upon credit pass. A rated get higher max loans.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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It just seems too high, especially considering we both have debts, not too large but thinking on here seems to point towards debts being an absolute no no for a bank, so I am just worried that it is just a way to draw us in??0
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Did you get it in the branch?
If so was the guy a salesman? Or a qualified advisor?
I think you may find your answer to that solves the riddle!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Over the phone!! Wouldn't a computer have done the maths?? If it was a salesman, surely they have a scrict format to adhere by?0
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Over the phone!! Wouldn't a computer have done the maths?? If it was a salesman, surely they have a scrict format to adhere by?
Indeed they do .......
Sell sell sell!!I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
So can a mortgage promise be worthless then? Why would they over inflate if they know they are not going to follow through with the amount? How does that benefit them? Thanks again!0
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they might, it is a max, and they are hugely overflated, there is no way I would ever borrow anything like the limit they (or other, for that matter) mortgage lenders would be prepared to lend...at the end of the day, it is our individual responsibility to know at what level of repayments we are comfortable with (depending on lifestyle, spending habits etc)0
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The Halifax Mortgage Promise only leaves a "soft footprint" on your credit file, so basically its not a full credit search, they take certain things you have told them on trust and only if these things are incorrect will they reduce the loan...they do lend more than other banks if you have a top credit score....
And even if you had seen someone at the bank, its all automated systems so once they run the promise through the system you would get the same result. The only danger is when they give verbal advice without the credit check or you fail to declare other commitments or credit history issues
Good luck....Please note that I am a Qualified Mortgage Advisor0
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