help please after declined

Dave_Ham

Hi again,

I think this is the quickest way of you getting a property and your credit report should be cleared up quite quickly once you are in the property.

There are banks that would be willing to lend what you need, although still not 100% sure why Halifax would not lend above 80% - very strange..

What area are you based, someone on here may be able to recommend a decent, local broker as given the circumstances I do not think you can beat a face to face service on this in opposition to a call centre mentality..

singhr2

Thank you Dave,

We are based in Bradford/Leeds area, and would need 90% on a FTB purchase of 98000.

Partner has credit score of 850 with experian, with 3 credit cards totalling 2000 (can be cleared by me), and a loan of £300 month with 12 months left. These are her only credit commitments at the moment.

She currently pays 400 rent plus 200 on top per month for shopping elec/gas/council tax etc.

Thanks,

Rob

Experian_company_representative

Bear in mind that the scores you can get from us and the other agencies summarise your credit report but don't factor in things like your salary, which a lender would factor into their decision-making. Mortgage lenders are looking ever more closely at affordability.

Approaching an independent mortgage broker would be a good idea.

James Jones

Conrad

Dave_Ham wrote: »

Hi again,
.

There are banks that would be willing to lend what you need, although still not 100% sure why Halifax would not lend above 80% - very strange..

..

Why strange Dave?

It's absolutely par for the course for lenders to offer 80% to young FTB's for all manner of reasons.

90% is still high risk for lenders so if the applicants statistical information alighn somewhat with those past cases shown to have got into arrears, well there's your answer. Could be down to many things such as the rate of repossesion in her area, employment type and duration, how long had a landline - the list is endless.

OP - you need a GOOD broker for one like this and the only way a broker gets really good is with years and years of experience, and even then, many are not good.

Find yourself a very switched on Broker and I think this will get sorted.

Dave_Ham

Conrad wrote: »

Why strange Dave?

It's absolutely par for the course for lenders to offer 80% to young FTB's for all manner of reasons.

90% is still high risk for lenders so if the applicants statistical information alighn somewhat with those past cases shown to have got into arrears, well there's your answer. Could be down to many things such as the rate of repossesion in her area, employment type and duration, how long had a landline - the list is endless.

OP - you need a GOOD broker for one like this and the only way a broker gets really good is with years and years of experience, and even then, many are not good.

Find yourself a very switched on Broker and I think this will get sorted.

Once again, you are off the mark. and I mean way off. Any chance you could help put "advice" in a different section that you may know about.

The reason I say strange (and can justify that) is that the Halifax criteria is that on higher risk cases they will limit lending to 85% and not 80%. Fact

Add in this was all done at AIP stage, so none of the above details would even have been presented and therefore worthless "advice"

Actually knowing the processes and the lenders helps, rather than a load of projected nonsense.