Can Anyone Explain what a halifax a,b and c pass mean

martin90

I have just gone through a halifax application on the phone and I am very confused about what exactly each pass means

I have been asked to bring in a payslip to my local branch and they have not yet asked for any more info, i have just been advised that it is now being processed and i should hear within 14 days.

What I would really like is a description of what you are required to provide to the halifax for each pass and how it affects your deposit.... there must be an ex or current halifax employee out there who could explain this.

thanks
*confused first time buyer!

Senior_Paper_Monitor

Credit rating (will affect the multipole of earnings / LTV calculation) - A = Brill / C = might lend you a bit if we have to !

martin90

thanks, how do you know which one applies to the application. do they provide that information when they send out the written offer?

Senior_Paper_Monitor

You don't get an offer at this stage - just an indication of what they might lend (I think they tell you the rating achieved - not sure I only see this from brokers end)

Actually, just thinking about it - you might have got an A and on a lowish LTV and all they need to support is ID and a payslip .. I really don't know how they process direct phoen sales

Phil_GT

dont think they tell you.

all i know is if you get a A you get more money at a better rate

if you get a C you get less money but a higher rate

opinions4u

The different credit score results shouldn't really be shared with the applicant.

The higher the score, the lower risk they consider your application. As such, they will usually carry out fewer verification checks and are less likely to involve any degree of manual underwriting.

The lower the score, the more likely they are to make you jump through hoops to get a mortgage and check out everything!

Although "C" is usually a pass, there may be some classes of lending (e.g. shared ownership) where they will only lend to those with higher scores.

martin90

thanks, so hopefully they wont ask for too much info. only way of finding out is waiting i guess!

newyear2011

the A, B, C doesn't affect your rate. The loan to value purely affects your rate. Most A passes don't need verification unless they are 90% loan to value. If your B pass you can only borrow up to 85% and if your C pass only up to 65% LTV. The slightest thing will put you to a B pass. hope that makes sense!