accepted for halifax mortgage....

TylerDurden_2

i have been accepted for halifax mortgage with a desposit of 15%

is it likely i will get a lower deposit mortgage elsewhere, ideally im looking for 5%.

i have had some adverse credit in the past but have turned it around, no defaults etc in the last 3 years, have a decent job so can easily keep up with repayments.

Dave_Ham

There is bad news and bad news here I am afraid...

Firstly, 95% mortgages are only available to people that have not missed a payment at all in the last 6 years - it is the hardest product in the world to achieve.

The second bit of bad news is that dependent upon how adverse, your 3-6 year adverse is but if it included defaults and/or CCJ's then you will fall outside of Halifax criteria and therefore they may decline you at full application..

Good luck, but thought better to warn you and set realistic expectations..

Simon_gloster

Dave_Ham wrote: »

There is bad news and bad news here I am afraid...

Firstly, 95% mortgages are only available to people that have not missed a payment at all in the last 6 years - it is the hardest product in the world to achieve.

The second bit of bad news is that dependent upon how adverse, your 3-6 year adverse is but if it included defaults and/or CCJ's then you will fall outside of Halifax criteria and therefore they may decline you at full application..

Good luck, but thought better to warn you and set realistic expectations..

Agreed Dave, my understanding is their soft print goes back 3 years, on full application its a hard footprint andvmore thoroufh and goes back 6 years.

Good of you to manage the posters expectations though.

TylerDurden_2

I basically have around 5 defaults in the 3-6 years period which are now settled.

I have a halifax credit card with a 3.5k limit which i have put around £1000 on just to keep up with the payments. Also have a £2000 halifax overdraft which i have used often through the last two years and paid straight back.

I have a deposit and with my wage halifax have preliminary offered me about £40k more than i intend to spend. My mortgage payments would be £200 less than im curently paying on rent and i can prove my rent has been paid on time every month for the last 6 years.

Are they really going to refuse me? I know thing are tough but sheesh, do i need to be mother theresa to get a mortgage? :A

Dave_Ham

Technically you need to have not defaulted on an agreement, specifically within 6 years as that is what is recorded.

The Halifax system as currently is flexible and sometimes good recent history (especially if with them) can outweigh older advserse.

You will need to be lucky to get this through with Halifax, although you do have no hope with 5% and unlikely you will get one anywhere else with 10% deposit.

From my experiences with them and we do use them a fair bit as they are flexible, I would rate this at 50/50 at full application and underwriting.

All the best

TylerDurden_2

Thanks for yout time :beer: