Halifax... Really? Please Help

billybear1

I have posted a request of help before and I genuinly do thank all that have offered it.

I have adverse credit, over two years which has now been settled. Somehow a broker has managed to get me an AIP with Halifax and he says from AIP to completetion it is very rare something will go wrong.

He wants me to go in, pay his "lifetime" fee and the valuation fee and apply in full. Apparently they are asking for little information and requested no details on the defaults. Is this true? Should I go for it? Does anyone else smell a rat?

Advice is appreciated. I know it is just that, advice, but I just don't know what to do!

BB

Thrugelmir

What's the lifetime fee?

billybear1

£349.00 Lifetime Fee
£464.00 Valuation

Thrugelmir

billybear1 wrote: »

£349.00 Lifetime Fee

What are the benefits of paying this fee?


My instinct is that its a money maker rather than being of benefit to your self.

Leon_W

You only have to search these boards to find plenty that are accepted at AIP stage and declined later down the line.

There was a time that I would advise anyone to get an AIP before submitting a full mortgage application. Not any more. They are not worth the paper they are written on.

In my view lenders are just teasing people in through the door then adopt a " It's not our problem " attitude when they eventually decline you, sometimes for very spurious reasons indeed.

Leon_W

If he's that confident it'll stick then he'll take his fee on completion rather than upfront. I wouldn't pay anything apart from a lenders val fee.

billybear1

It's through Sequence homes who are a panel lender... Do not have whole of the market so if it goes belly up, may mean I am restricted with what this offers.

It means all applications and mortgages for life will be covered through them (so extra commission for them).

I know I will have to pay an advisor at some stage due to my credit history, I am just a bit dubious that Halifax will actually loan to me and that I will end up losing my money and be stuck with an advisor not worth his salt. Although he does have access to GE Money, which would probably be our only other bet ATM!

Thank you ever so much for your replies. I really need all the advice I can get at the moment.

bargainbetty

Ask him to take his fee upon completion. Offer to add an additional 5% for the delay. Also, ask him what the chances of you getting a refund on the valuation fee is if it does fall through, and will he offer any written guarantee on it?

If he refuses to take his fee on completion, you may as well go elsewhere. If he isn't that sure and the details haven't been properly checked, what do you honestly think the chances of it happening will be?

I'm sorry, but I wish you luck

billybear1

I honestly think there is little chance hence why I am so dubious about it. I mean I know I have a terrible history and that even a BS refused me. So what does that say! Why would Halifax, by all accounts lend to me? Seems absurd! Yet... he is supposed to be a mortgage advisor so surely he should know!

It is through a large chain of Estate Agents, but I am worried that he is just leading me down that road to get me in and on his books. I still have no update of the search on Experian (although with their turnaround times, that means nothing I guess!)

The_J

Halifax are more flexible than most building societies.

Dave_Ham

Why not just call up Halifax and do it over the phone or in branch??

Saves you the fee