refused additional borrowing!

iluvpink1 · 15 March 2011 at 3:03PM

Basically today i was refused additional borrowing with the Halifax who we have had our mortgage with for17 years! The reason being we failed the credit check ( had a couple of bad years when my husband was out of work) The advisor said to appeal the decision and im just wondering if its worth the time and effort and will they really look at the detail??

neenmarie · 15 March 2011 at 3:15PM

Hi

we are in the same boat as you. We asked for additional borrowing but got refused due to some info on my hubby's report. To be honest he has 2 defaults which will drop off next year as the 6 years are up. I feel it's really unfair as we have never missed a mortgage payment and his credit history in the last 5 years has been really good. Our Mortgage advisor has said about bringing in our reports for her to look at but again not sure it is worth it as I can't see them re-considering, although they might if we say we are going to go else where with our mortgage. Good luck and let us know what you decide. x

iluvpink1 · 15 March 2011 at 4:21PM

Hi thanks! Think i just posted on your thread!! Im am frustrated with this!! Never thought about taking our mortgage elsewhere but we worried we wouldnt be accepted for that either!! Have been with Halifax for 18 years with not one missed payment.... think that should count for somethign:( Good luck to you

kingstreet · 15 March 2011 at 4:23PM

Get your credit files and go see an independent broker. Don't be surprised at the outcome. Lenders can afford to cherry pick and they will do that, regardless of your loyalty to them.