Mortgage rejected: Appeal - Halifax

opinions4u

29044047 wrote: »

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

Continuity of address gives you a credit scoring benefit.

You're lucky not to have a CIFAS recod as a result of this.

Dave_Ham

Come on - next you will be calling 999 to let the boys in blue deal with the OP

If you had no adverse at the other address, what advantage would there be for the OP to not declare it?

This is not what CIFAS is used for, so bet not kick someone when they are probably already down without just cause.

Nationwide are selective as are First Direct (even more so) and clearly you passed with Halifax, just not at 90%. Can you add a parent or sibling to your Halifax mortgage application?

If not 85% may be your only choice.

Cannot think of a more flexible lender than Halifax at 90%, given the building societies will not like the gambling on bank statements either...

Good luck

29044047

Dave_Ham wrote: »

Come on - next you will be calling 999 to let the boys in blue deal with the OP

If you had no adverse at the other address, what advantage would there be for the OP to not declare it?

This is not what CIFAS is used for, so bet not kick someone when they are probably already down without just cause.

Nationwide are selective as are First Direct (even more so) and clearly you passed with Halifax, just not at 90%. Can you add a parent or sibling to your Halifax mortgage application?

If not 85% may be your only choice.

Cannot think of a more flexible lender than Halifax at 90%, given the building societies will not like the gambling on bank statements either...

Good luck

Thanks Dave, I think i will be able to scrape the extra 5% deposit if thats my final option, but i've not given up on the 90% yet. :-)

If that guy wants to accuse me of fraud let him, it's no skin of my nose. I know what i am, but thanks for the support anyway.

Ill let you know how i get on,
Cheers

29044047

opinions4u wrote: »

Continuity of address gives you a credit scoring benefit.

You're lucky not to have a CIFAS recod as a result of this.

Having 2 or 3 addresses in 15 years would never in a million years influence my score. If you want to continue to embarrass yourself feel free, it's actually cheering me up on an otherwise crappy day.

Thanks for your "input" nonetheless!

Dave_Ham

Good luck - fingers crossed although would not be mega confident on a 90% ltv unless you can put a parent on to improve credit score only - they do not need to live with you....

Joe_Bloggs

29044047 said:-

The broker said it shouldn't be an issue and we would go for a mortgage which doesn't request bank statements.

What kind of lender was the broker thinking of ?
J_B.

opinions4u

29044047 wrote: »

Having 2 or 3 addresses in 15 years would never in a million years influence my score. If you want to continue to embarrass yourself feel free

Time at address is a significant factor in all lenders' credit scoring systems.

Having spent several years arranging and underwriting mortgages and other credit products I do have a feel for what triggers success and failure when it comes to lending money.

Mock me if you wish. You're the one getting declined for the loan, so it's not my problem. But if you have failed to provide an address for a period of time asked for on the application you only need one lender to key an unfavourable decline code to create even more difficulties in future.

Conrad

29044047 wrote: »

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,

This is so incredibly offbeam.

Trust me, if there was a risk free way of making consistent, sustainable profitable returns, Wall street would have worked it out and cornered it a long time ago as would powerful betting chains (why would they actively avoid engaging in arbitrage enmass given the costs are low, if the profits were there for the taking and trust me they could employ the best brains in the world to figure out the 'if you know what your doing' bit you mention.

The address thing is totaly relevant to credit scoring. Scoring is based on masses of statistical data which matches your life choices with those that are more likely to be repossessed (note the words 'more likely', not 'definite').

Betting is also a key indicator of future problems according to ALL statiscs. The fact you might have done ok so far is netiher here nor there. Thjose with a propensity to bet have worse life outcomes than those that do not regularly bet. This is as black and white as saying a desert produces less corn.

As for a temporary address, you fail to recgonise facts are facts. A fact about your life is that you used an address. A sophisticated economy is based on facts and certainties, not on an inaccurate account of events.

In my 20 years in business I've come accross many a character that has your mindset - they bet a lot, they forget to properly manage thier address history, forget to enlist on the voters roll at every register etc. These people are much more likely to experience financial and marital problems which is down to the fact they dont quite get this thing that what you say and what you do has an impact on other people.

Be accurate in your life, keep to appointments, don't say things and then not see them through, a promise is a promise, dont ever knock anyone and you to will avoid a lot of future stress. Save. Put aside Tax. Alkways be organised and dont bet regularly.

29044047

Conrad wrote: »

This is so incredibly offbeam.

Trust me, if there was a risk free way of making consistent, sustainable profitable returns, Wall street would have worked it out and cornered it a long time ago as would powerful betting chains (why would they actively avoid engaging in arbitrage enmass given the costs are low, if the profits were there for the taking and trust me they could employ the best brains in the world to figure out the 'if you know what your doing' bit you mention.

Trust me, there is a risk free way of making consistent, sustainable profits, one of my jobs working for the bookmaker was to identify these people, and shut down their accounts. There are thousands of people doing this from all over the world (esp. eastern Europe and Asia), it's no secret and doesn't require the best brains in the world. The reason "wall street" wouldn't bother is that bookies dont lay big bets (i'm lucky to get over £2 on with some bookmakers as they don't want my business, others just shut down my accounts completely) and the margins are small.

I alone have accounts with over 40 different bookmakers, and the introduction of Betfair (being able to lay bets) has made arbitrage that much easier. A live example, back the draw in the S'land vs Wolves game at 17/5 (3.4) with skybet and lay it on betfair at (3.3) guaranteed profit but small margins. Why would wall street bother? Even more pertinent, if they did bother, companies like skybet wouldn't lay them bets for long.

I understand the address contributes to my score, but i was arguing that my address history, had i disclosed it, wouldn't have prevented me getting a mortgage, therefore i had no reason to try and deceive them. I accept i made a mistake, i don't accept i was purposely trying to deceive them by committing fraud.

Thanks for your response, i'll not charge you for that arbitrage tip :-)

Thrugelmir

29044047 wrote: »

Trust me, there is a risk free way of making consistent, sustainable profits,

No ones found it yet.