Halifax pull mortgage offer?

kingstreet

I just sat through the Online DIP Demo as I couldn't remember myself and there's definitely no question on there about adverse of any kind.

Not sure about full app though. Might sit through that later if I can be a*sed.

winslo

Hi after speaking with the advisor it would seem it IS an application fail. Sometime my wife just doesnt listen!

All on the credit score unfortunately. When I have proceeded with the Mortgage application a more thorough check happens which has declined you based on credit score.
After speaking with Halifax they have given me a bit more detail in that on the DIP the last 3 years is checked whereas on the application they go back 6 years and will obviously see the CCJ
I know this was your initial concern however I thought we may have got somewhere based on Halifax initially accepting the ‘Decision in Principle’

I haven’t given up entirely so will update you with any progress. To handle your expectations though Halifax are normally one of the less stringent lenders therefore I don’t think its favourable for you at the minute unfortunately.

Is there an option to stretch to 85% LTV. Ie a deposit of 15% at £24,450? I cant promise but there is a possibility that this could make a difference with some lenders?

kingstreet

winslo wrote: »

Hi after speaking with the advisor it would seem it IS an application fail. Sometime my wife just doesnt listen!

All on the credit score unfortunately. When I have proceeded with the Mortgage application a more thorough check happens which has declined you based on credit score.
After speaking with Halifax they have given me a bit more detail in that on the DIP the last 3 years is checked whereas on the application they go back 6 years and will obviously see the CCJ
I know this was your initial concern however I thought we may have got somewhere based on Halifax initially accepting the ‘Decision in Principle’

I haven’t given up entirely so will update you with any progress. To handle your expectations though Halifax are normally one of the less stringent lenders therefore I don’t think its favourable for you at the minute unfortunately.

Is there an option to stretch to 85% LTV. Ie a deposit of 15% at £24,450? I cant promise but there is a possibility that this could make a difference with some lenders?

Sorry to hear that. You're another case to add to the "misled by Halifax mortgage promise" list. They really should explain the limitations, this so-called soft footprint creates.

The promise is effectively worthless and raises expectations completely unnecessarily. Others have lost reservations on newbuilds as a result of this.

Hope you get sorted out soon, winslo.

winslo

Ive told him that im sure i can find the extra money for the 15% deposit, but again dont want to get hopes up for nothing!

Not really fussed about interest rates at the moment, becuase in 2 years our files should be clear so could remortgage at a sensible rate then.

Any lenders worth a shot?

Thanks

kingstreet

winslo wrote: »

Any lenders worth a shot?

Without knowing a lot more about you, I wouldn't try to guess. Leave it to your broker.

Dave_Ham

Your broker has given fair information and as they say at 85% the world is a different place.

There are lenders out there that will accept you, Halifax was a understandable first selection but would suggest he bats past you the next one before he applies as you do not want a couple of declines on there..

Fingers crossed for you - not sure if I said earlier that you better keep this information away from the Estate Agent for now...

Thrugelmir

kingstreet wrote: »

Sorry to hear that. You're another case to add to the "misled by Halifax mortgage promise" list. They really should explain the limitations, this so-called soft footprint creates.

The promise is effectively worthless and raises expectations completely unnecessarily. Others have lost reservations on newbuilds as a result of this.

Hope you get sorted out soon, winslo.

Surely the OP's broker should have addressed the matter in a different way knowing from the outset there was adverse an credit reference i.e. a CCJ. Such as informing the Halifax.

property.advert

Thrugelmir wrote: »

Surely the OP's broker should have addressed the matter in a different way knowing from the outset there was adverse an credit reference i.e. a CCJ. Such as informing the Halifax.

You'd have thought so wouldn't you ?

I'd also expect a professional to know about this 3 year vs 6 year history check as well (though I cannot for the life of me see why they don't do 6 from the outset).

On the evidence presented, it would appear as this broker has made rather a pigs ear of it and now unnecessarily the OP's credit file has a great big nasty paw print all over it.

kingstreet

Thrugelmir wrote: »

Surely the OP's broker should have addressed the matter in a different way knowing from the outset there was adverse an credit reference i.e. a CCJ. Such as informing the Halifax.

There's no way to inform Halifax. You can ring them and ask what they think might happen at scoring stage, but more often than not, you're told to submit it and see what happens.

With the box sitting in the corner making all the decisions they are often in the dark as much as the broker is...

I don't know all the circumstances of this case, but it is possible for the rest of the score to be so high even adverse like this doesn't drag things down that much it causes the case to fail. Sometimes you know a case is borderline and you give it a try because the alternative means a higher rate product with a bigger deposit required. If you do that, you have to make sure the borrower knows that's what you're doing. The Halifax AIP then wrong-foots the broker as much as the borrower as you still aren't sure of the eventual outcome.

Where I think the broker can be criticised is not informing the borrower that the agreement given at the outset isn't as certain as it is with other lenders. Doing this may have reduced the borrower's expectations a little and given them some warning that a decline was still possible.

p.a - I don't know why Halifax does things this way. It may simply be for PR, to tell potential borrowers we don't trample all over your credit file like Santander, Nationwide etc.

Dave_Ham

Just a side point, given the footprint already being there for Halifax would it not make sense to see if they would accept you at 85%?

Depends on whether your broker has an actual BDM who they can speak with, although they will have visiblity of the likeliness of this before amending the full application - just an idea?