Mortgage with halifax underwriter?

solman30

No, im 50k short with deposit. Do you think there are lenders out there who will lend to us as joint application, with a 25% deposit. Or am i fighting a uphill struggle?

Dave_Ham

No there will definitely be lenders, but you either need a Building Society or a specific sub prime lender. The latter coming with higher rates and fees

Be interested what you broker recommendation comes back at...?

solman30

ill keep you posted.

solman30

Quick update, ive managed to piece together another 5% deposit, and the MA has got me a mortgage offer with Abbey. Full credit score done so he's telling me it 99.9% sorted. Paying survey tommorow.Hopefully unlike halifax who soft credit scored me its all ok now. Sound good guys?

Dave_Ham

Not good at all - although good news is that Santander/Abbey underwrite upfront and therefore you should not lose your valuation fee. They will approve and then instruct valuation.

I am putting a huge note of caution on this application. Abbey/Santander do not accept any adverse at all. If they find it they will decline and they are more thorough than Halifax..

Sorry I can not be more positive and I am not always right (only nearly)

solman30

I heard exactly the same thing, so Ill mention to MA in morning and see what he has to say!!....but he assured me as he spoke to rep.

Lipstick85

Good luck keep us posted currently going through the same process with abbey we have 25 percent deposit but my partner has default a from 2007.Application is currently with the underwriters so I'm hoping credit score has been completed we have just sent in payslips, proof of address and bank statement

Lipstick85

Are you aware how long it takes for he underwriters to make a decision?

Dave_Ham

Lipstick85 wrote: »

Are you aware how long it takes for he underwriters to make a decision?

Usually they make a decision pretty quickly at the moment (as they are not that busy given their behaviour) although they may request, re-request and re-re-request the same documents 3 or 4 more times.

Typically you have passed the credit score to be with the underwriter. If you have declared default or you broker has it will fail automatically. If you have not and they find it, it will fail.

If they do not find and everything else stacks up you will be fine..

Dave_Ham

Solman30 wrote: »

I heard exactly the same thing, so Ill mention to MA in morning and see what he has to say!!....but he assured me as he spoke to rep.

Sorry, I am usually the positive one.

MA calls rep and says that they have a case but there is a default in the background is this going to be an issue?

Rep who works for Abbey/Santander, only has Abbey/Santander products and criteria to work from and is personally targeted on the amount of applications then says oh that should be ok, put the application through.

I am a bit of a Santander sceptic, but am not alone...

Fingers crossed for you both and genuinely hope I am proved wrong...