Mortgage Application - Halifax

kmr82

Hi,

I'm just about to fully apply for a Halifax mortgage - Property is worth £85,000 and I'm putting down 10%. I earn £31,000 a year.

I've gone through a mortgage broker but after reading a few posts on here it seems we should have sat down with my credit report before even getting to this stage. I've just got access to my report and it shows the following:

Default (£90) settled September 2009
Late payments 2007 and 2008 on a separate credit agreement

I could have sworn my default was settled over 6 years ago but as I said, it was a bit silly of me to get to this stage without checking this first.

I have successfully maintained 9 different credit agreements since the default. Not sure if that is relevant or not.

Anyway, can anyone advise if I should now hold off applying for the mortgage or if I still have a chance of being successful?

Dave_Ham

Default is unfortunately likely to throw this out at 90% LTV.

Given the default value, I would give you 50/50 with the Halifax.

Good luck

kingstreet

It's the date the default was registered which counts. What was that? It falls off after six years. How close to that are you?

kmr82

Thanks for the replies.

The Default was registered in April 2009 so not close at all I'm afraid.

If I could push this to 85% LTV would I have a chance?

Dave_Ham

Are you looking at Experian or Equifax report?

Based upon the value of the default, you do have half a chance but will be flip of a coin I am afraid...

kmr82

Dave_Ham wrote: »

Are you looking at Experian or Equifax report?

Based upon the value of the default, you do have half a chance but will be flip of a coin I am afraid...

I'm looking on Check My File which has Equifax and Callcredit.

I don't want to start with excuses etc. but I've written to the company that placed the default on my file and asked them to remove it. Previously they said they would do this if I paid the outstanding but they clearly never and I have not got any of the correspondence from the time.

I struck this agreement with them as I didn't think it was my fault I got the default. I somehow managed to have two separate accounts with them and when I moved house, I contacted them to update my address details and they only changed the address on one account. This meant I did not receive any bills for an outstanding amount on the other account as they went to the previous address.

Anyway, is there anything else I can do to up my chances of being accepted?

Dave_Ham

Hound them - only pester power will even make them think about removing.

Worth you getting your Experian report to see what is on there?

Could be a dealbreaker....

kmr82

Hi,

I've checked Experian (despite the eye watering price!) and the account is not on there.

I can see one account with the company but the account with the default is not in the report at all.

I'm not really sure what this means? How can an account be in one report with one agency but not with another agency?

Dave_Ham

This is very good news...

kmr82

Dave_Ham wrote: »

This is very good news...

Haha, because.......?

I'm a little confused as the DIP search was undertaken on my Callcredit report (I can see it through Check My File) and there are no searches from Halifax on my Experian report.

Does anyone know which Credit Ref Agency will Halifax use for the full application search?

eilidh_s

I don't think Halifax look at Experian. I have a default on there from Vodafone from last year when I dumped them and went over to Orange. They claimed I didn't pay the full fee for leaving the contract, but I did (long story which ended with a wee bit of compensation) and the default was removed from Call Credit and Equifax. Experian don't even have me on the electoral roll! Anyway I managed to get a 75% remortgage from Halifax. My only stumbling block was their solicitors spending six weeks researching my neighbour's house instead of mine which lead to the underwriters cancelling my offer until I spent litterally half an hour doing my own research and emailing it all to the lady who was dealing with my case, she forwarded it all to the underwriters and my mortgage was once again approved. Should be getting the completion date tomorrow!

They were the easiest to deal with, the most accommodating despite my problems and even when their valuation came in at £10000 under my, admittedly guessed, valuation, they didn't bat an eyelid!