Mortgage rejected: Appeal - Halifax

29044047

Afternoon All,

I'm 25 YO, earning £31.1k a yea as a risk analyst. I have a £10k deposit for a £93500 house and i'm struggling to get a mortgage.

My credit history is fine, i have never defaulted on a payment and have proved via Credit Cards and other commitments i can pay off credit.

My initial mortgage from first direct was rejected due to frequency of gambling receipts on my account, (i used to work for a bookie and make a healthy (c.£5k) profit a year "gambling"... a lot of what i do is risk free arbitrage). I accepted this and then decided to use a broker.

The broker said it shouldn't be an issue and we would go for a mortgage which doesn't request bank statements. She done this and again it was rejected. I found out it was because i hadn't disclosed a student address i had lived at for 8 month. So we amended the application and i was AIP for £155k mortgage with halifax @ 90% LTV. However, once processed they changed this to a 85% LTV and took my valuation fee off me.

My main problem is now that despite my perfect credit history, i have several rejections to my name due to failing to disclose a temporary address. My MB has appealed Halifax decision and has asked them to re-consider 90% LTV as i have all my debit and credit accounts with them and have a good banking history.

What are my chances of winning the appeal? I'm expecting an answer today.

Thanks in advance

The_J

Slim to none. Halifax are picky about credit score (or lack of) at 90%. Can you do the extra 5k?

I laughed at the First Direct bit though, what a bunch of morons they are.

opinions4u

i have several rejections to my name due to failing to disclose a temporary address

If there's a failure to disclose relevant information, and the case is borderline anyway, a sensible underwriter will decline.

29044047

Thanks for the responses.

It asked for permenant addresses on the application, i didn't class an 8 month tenancy as permenant, perhaps naive of me.

The gambling is fairly understandable, it was like chewing a brick trying to explain arbitrage to those people. A bit frustrating how they homed in on the frequency but ignored the P-L.

If they are unreasonable i won't be holding my savings with them anymore as i have found them poor to bank with and ironically the main reason i kept my deposits there was that i felt i had a "realtionship" with them.

Fingers crossed, looking like i won't hear back until Monday now! No sleep for me this weekend ;-(

The_J

When you say "several rejections" do you mean First Direct and Halifax or are there others?

Thrugelmir

29044047 wrote: »

The gambling is fairly understandable, it was like chewing a brick trying to explain arbitrage to those people. A bit frustrating how they homed in on the frequency but ignored the P-L.

Gambling isn't a one way street.

29044047

i was also rejected by nationwide before i realised the address issue. So three in total with me appealing the third.

What do you mean by gambling isnt a one way street?

Thanks

opinions4u

29044047 wrote: »

It asked for permenant addresses on the application, i didn't class an 8 month tenancy as permenant, perhaps naive of me.

It asked you for all your addresses in the last 3 years. Perhaps longer.

Naive? Closer to fraudulent.

Thrugelmir

29044047 wrote: »

What do you mean by gambling isnt a one way street?

Win, win, win.

29044047

opinions4u wrote: »

It asked you for all your addresses in the last 3 years. Perhaps longer.

Naive? Closer to fraudulent.

Fraudulent suggest i was being deceptive, which i wasn't, i wouldn't have benefit from leaving out that address.

29044047

Thrugelmir wrote: »

Win, win, win.

Ha, i'm not suggesting i win every bet i place, but i turn a consistent profit YOY. I was a sports trader for a large online firm for 18 months, and it's a myth that the bookie always wins. If you know what you are doing you can win consistently. Also, the majority (c.80%) of my betting activity is arbitrage which is entirely risk free. Although i wouldn't expect an underwriter to consider this, and can therefore see why they have an issue with it.