Halifax DIP accepted - UPDATE: Nationwide "referred" it :(

snowcat123

Hi,

My partner and I earn £64,000 jointly and really wanted a house!

We saw a new build property and can raise 5% desposit which is great as the developer have a shared equity scheme whereby they contribute 15% meaning we need a mortgage of 80% (= £165k).

We've just seen a mortgage adviser about this and she did a DIP with Halifax who have approved it in prinicple.

We do have some debt and I have some slight adverse credit (no defaults, CCjs, IVAs etc, but half a dozen 1/2 arrears over the past 6 years).

On the basis of advice from the mortgage adviser, we're about to reserve the house.

It seems to be going all to smoothly at the moment but I'm just worried that the Halifax will turn it down further down the line.

We are so worried

kingstreet

Can you have shared equity earning more than £60k between you? I know the Barretts thing I was looking at yesterday for another thread said £60k max.

http://www.barratthomes.co.uk/Global/FirstBuy_details/Barratt.pdf

If it sounds like FirstBuy could be your answer,
the first thing you need to do is check whether
you’re eligible for the scheme:
• Do you have a household income of less
than £60k?

Maybe your offer isn't FirstBuy?

Back on topic. The Halifax AIP leaves a soft footprint as it doesn't check credit account data until you make a full application. We've seen applications rejected which passed AIP, because defaults showed up later in the process.

I would hold onto your reservation until your full application passes, then scuttle off down to the site to reserve if it does.

snowcat123

kingstreet wrote: »

Maybe your offer isn't FirstBuy?

We've seen applications rejected which passed AIP, because defaults showed up later in the process.

The offer isn't FirstBuy, it's a scheme run by the actual developer.

I did have defaults, but they were nearly 10 years ago now. Hopefully this will all be ok :huh:

snowcat123

UPDATE - we also are going through a DIP with Nationwide.

Got a call today from our mortgage advisor who said that they have "referred" it to their underwriters.

I have lost all hope really of ever getting a mortgage as I know that it'll come back declined.

ruggedtoast

Thats the spirit!

snowcat123

ruggedtoast wrote: »

Thats the spirit!

:j

I am disheartened about not being ok'd by Nationwide straight away and I have zero confidence in an AIP from Halifax. Ah well, at least my landlord is getting HIS mortgage paid for!

kingstreet

At least you didn't get an automatic decline from Nationwide. A referral happens in lots of cases. If it doesn't pass with them, you can still have a go and try to get a full app underwritten by Halifax.

snowcat123

kingstreet wrote: »

At least you didn't get an automatic decline from Nationwide. A referral happens in lots of cases. If it doesn't pass with them, you can still have a go and try to get a full app underwritten by Halifax.

Thanks. Will keep fingers crossed! :A