Halifax Mortgage Rejected - Any point in reapplying or appealing?

satishtn

@ Dave Ham

Yes, it is very frustrating for me as well. But I am pinning too much hope of this lest I get disappointed again.

I do trust my broker; he is a straight forward man who doesn't give any empty promises. He told me he was being cautiously optimistic about my case which I think is fair.

Well, you're right. I am not trying to do anything on my own now and have pretty much let my broker take care of things. But do wanted to know what others' experiences are. Surely looks like my case is one of a kind.

May be it's a tragedy or is it a comedy? But surely this will make history!

The_J

This is all BS. None of this reads like a Halifax application that I have ever done. Why can't anyone give you a straight answer? What the hell is this "putting in an application for 0 at AIP"?

Something is not right here.

satishtn

The_J wrote: »

This is all BS. None of this reads like a Halifax application that I have ever done. Why can't anyone give you a straight answer? What the hell is this "putting in an application for 0 at AIP"?

Something is not right here.

Hi The J,

I was given a straight answer by the Mortgage Adviser: that I can be offered a mortgage of £18K, an answer I was not happy with.

But I think my broker is being very honest with me without misleading me in any way. He says he had to make the mortgage value £0 for the system to accept the application. That way he could at least talk to the Halifax Manager with my application on the table. Without making it £0 the system wouldn't even accept my application. May be it was because my direct application was still under process in the system.

I am letting it all lie right now.

The_J

They should be able to tell you why it's only 18k. Ask to see the application form. Check the details and see if there are any mistakes.

I have never heard of the latter. Sounds like broker BS.

satishtn

All theory on my part and I could be wrong. But I don't think I am. I'd also guess that a 25% deposit would change the amount of loan available favourably.

I have a bit more news on this. Opinion4u was right with the 75% LTV. In the end my broker and I had to submit the application with 75% LTV and the system accepted the application. Now it's under process and I am waiting to hear from the bank.

Also my broker told me that during the process of my direct application (through the branch MA), the application which was given an AIP as an A-pass was moved to B-pass. Obviously, Halifax wouldn't say why. Any idea why this would've happened and what would it mean to my application second time around?

Also, my broker is trying to get a part-refund for the valuation fee which was already done for my direct application.

It seems I've been waiting and watching for a long time. I have to continue doing it I am afraid!

Dave_Ham

Unfortunately this makes less sense each time you post. I put through between 5 and 7 cases a month with Halifax and this is not my experience with their systems.

Firstly, are you now saying you have paid for 2 valuations? to be carried out by the same conveyancer on a direct and broker based?

Secondly, has someone led you to believe that at a higher loan to value the system would lend you 50p (or maybe a couple of quid more) and then at 25% deposit all of a sudden they would lend you what you need?

Furthermore, the A to B is the only bit that sounds correct. At AIP stage they will only check the most recent credit file and then check further at Full Application stage and hence why some clients fail at this stage after an AIP accept.

But it would not effect your borrowing power hugley going from an A score to a B score. Remembering that a C score is still a pass, although require a higher level of underwriting.

I would love to have been able to see this case on the system, on both applications just to give you the truth.

All good things come to those who wait, I hope this is a good deal after the heartache you have put into it...

satishtn

Dave_Ham wrote: »

Firstly, are you now saying you have paid for 2 valuations? to be carried out by the same conveyancer on a direct and broker based?

Yes. Because my application with the broker is treated as a new one, I was asked to pay for the valuation. However my broker is talking to Halifax to get a refund as the valuation from my last application can be copied over.

Secondly, has someone led you to believe that at a higher loan to value the system would lend you 50p (or maybe a couple of quid more) and then at 25% deposit all of a sudden they would lend you what you need?

No, not at all. My broker couldn't even get the application into the system with more than 75% LTV which is why he had to take the mortgage down to £ 0 in the beginning. The MA who offered me a low value loan was offering it at 17% LTV. She didn't tell me if my chances would improve if I upped the deposit by 5%. But this seems to be the situation.

All good things come to those who wait, I hope this is a good deal after the heartache you have put into it...

Yup, I sure hope this will come through.. But I've been bitten once so it's time to sit back and wait...

mic200202

It looks like the original app was keyed with an address that didn't match the electoral roll,and with a lower deposit than 20%,self employed,and with Shared Ownership - unless you have everything sitting pretty with this type of application ie SA302's etc you can anticipate some difficulties.Preparation is key to getting a mortgage with this type of case.

satishtn

mic200202 wrote: »

It looks like the original app was keyed with an address that didn't match the electoral roll,and with a lower deposit than 20%,self employed,and with Shared Ownership - unless you have everything sitting pretty with this type of application ie SA302's etc you can anticipate some difficulties.Preparation is key to getting a mortgage with this type of case.

It might well be the case that the application ran into trouble because of the address mismatch. It's been corrected now and hope that issue goes away.

I have asked HMRC for SA302; they've sent it already and hopefully I should get it in a couple of days now. I am in a bit of a dilemma. I have all the docs my broker needs except SA302. I am not sure if I should submit the docs in now and then add SA302 when I receive it or wait till I get the documents from HMRC.

I am mindful of the approaching Easter Holidays and if possible get this done with by then.

satishtn

Hi all, I thought I will bump up this thread with my situation. My application is being looked at by Halifax and I have supplied them with all documents including SA302. Looks like they take 2 days to process after any new documentation has been submitted meaning I will have to wait till friday to know whether it's a thumbs up or a good dusting the second time around.

I have a major doubt. It's with my SA302 numbers. I was employed till Oct 2009 when I started my own company and starting getting clients. I am a bit worried about the numbers on 2009-10 SA302. How will the Halifax underwriter reconcile the company returns with SA302 especially because my company FY is from Nov-Oct and Self Assessment is from May-Apr?

Details are:

SA302

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09-10 Total Income Received: £18K
10-11 Total Income Received: £28K

Company Accounts

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09-10 Total rev (Salary+div): £29K
10-11 Total rev (Salary+div): £30K

I didn't pay myself director's salary in till Apr 10 because I had already been paid a lot for the tax year by my previous employer.

I am not sure my paying myself a lesser dividend in the first half of the year affect the mortgage?