FTB mortgage application probs

SusieWoozy_2

Hiya

we've applied for a mortgage on the first buy scheme with the halifax through an IFA. No comments about the scheme please we've done our research and are happy.

We received a DIP and put in the application for the full mortgage. They did credit searches on us at the DIP stage according to the IFA and we note they have done them again last friday monday and yesterday. Everything appeared OK on the first 2 so the valuation was instructed. All of a sudden we've been told there is a problem with the credit report regarding a linked address. We are still waiting to hear which one of us has the problem (as it's a joint application) and what the issue is.

We gave the IFA a copy of our credit report and she noted that I had missed a few payments with british gas 18 months ago but the account has now been settled but thinks this would have been picked up at DIP stage.

My partner lived in a flat before we got together which was flat 5 but on the records comes up as flat 3-5.

We are really panicking that something is majorly wrong, even though on our credit reports all of the accounts we've ever had show they are settled or we are meeting the repayments. Neither of us have ever had a CCJ or been referred to a collection agency.

Anyone got any ideas? we are in bits about this :-(

handytips

Would help to know which lender you are dealing with, i may be able to shed some light on the matter for you.

SusieWoozy_2

its Halifax.

I've just also spoken with my other half and he's noticed on his credit report they've been checking the wrong address. Trying to find him at flat 5 ....... rather than flat 5 51...........

would this have an implication?

kingstreet

If they are searching the wrong address, it will be a problem. There'a another thread on the front page talking about this issue.

she noted that I had missed a few payments with british gas 18 months ago but the account has now been settled but thinks this would have been picked up at DIP stage

I'm sorry to tell you this isn't the case. Halifax leaves only a "soft-footprint" and has form for giving a mortgage promise which quickly disappears at full application when the full check is done. This may not affect you but we have had several cases on here where adverse credit information wasn't picked up and a mortgage promise given, to see the application declined later.

handytips

Yes this is a regular occurence with Halifax, i would get an AIP done with someone like Santander as they tend to credit score at point of Agreement in Principle, however it is imperative to get the address history spot on as lots of lenders will try to find you on the electoral roll, if they cant then your chances of getting a mortgage are vastly reduced.

SusieWoozy_2

thank you kindly for your responses, really appreciate it.

It sounds as though we might be one of those people where something hasn't been picked up at AIP point, oh well, we live and learn.

we will most certainly review our credit reports further (not that I think that's possible due to already going through it with a fine tooth comb) and see what Halifax can come back with. To be honest though I don't think I can go through this a 2nd time if there is something dodgy on either of our reports, the stress etc has been so much! So will not be intending on trying to obtain a mortgage elsewhere. Instead we will just resolve the issue and then build and build on the deposit we already have and try again in 12 months or something.

It's very sad and annoying but hey I guess i'll put it down to experience and move on, there will always be another house somewhere else for us I guess x

mike-ritchie1983

SusieWoozy wrote: »

Hiya

we've applied for a mortgage on the first buy scheme with the halifax through an IFA. No comments about the scheme please we've done our research and are happy.

We received a DIP and put in the application for the full mortgage. They did credit searches on us at the DIP stage according to the IFA and we note they have done them again last friday monday and yesterday. Everything appeared OK on the first 2 so the valuation was instructed. All of a sudden we've been told there is a problem with the credit report regarding a linked address. We are still waiting to hear which one of us has the problem (as it's a joint application) and what the issue is.

We gave the IFA a copy of our credit report and she noted that I had missed a few payments with british gas 18 months ago but the account has now been settled but thinks this would have been picked up at DIP stage.

My partner lived in a flat before we got together which was flat 5 but on the records comes up as flat 3-5.

We are really panicking that something is majorly wrong, even though on our credit reports all of the accounts we've ever had show they are settled or we are meeting the repayments. Neither of us have ever had a CCJ or been referred to a collection agency.

Anyone got any ideas? we are in bits about this :-(

Sounds quite harsh, was the valuation actually carried out?

mike-ritchie1983

kingstreet wrote: »

If they are searching the wrong address, it will be a problem. There'a another thread on the front page talking about this issue.


I'm sorry to tell you this isn't the case. Halifax leaves only a "soft-footprint" and has form for giving a mortgage promise which quickly disappears at full application when the full check is done. This may not affect you but we have had several cases on here where adverse credit information wasn't picked up and a mortgage promise given, to see the application declined later.

whats the difference between a "soft footprint" and an ordinary footprint?

handytips

They basically give a decision on what the broker/bank adviser inputs, therefore if the client has said they have no credit problems, the boxes are ticked to indicate this, a soft footprint does not mean alot really as it is only fully credit scored when a full application is made. Therefore, the soft footprint information is based on the factfind that is taken on the first instance. If a FTB has only got a 10% deposit and no credit history, then it will be difficult to place, and often the only credit relationship they have is with thier own bank, and this is often the best port of call.

SusieWoozy_2

well we've worked out what the issue is..... an overpayment by the child tax credits when my partner was with his ex and a catalogue which she has used in his name... of cause NOT happy and battle will commence today. Sounds as though as long as we get it all cleared asap all might not be lost and we can resubmit the application in a couple of weeks

handytips

Who told you that ?