Halifax Computer "says no"

terese

I had a mortgage offer from Bank and I popped into my bank the Halifax to see whether I could actual get a better rate and I thought it would be good to have all my finances with them. After the adviser take my details and enter it on the system the computer said "no" and there was nothing she could do about it. She reckons that it said "no" because last year I missed one month credit card payment and the computer is thinking "how on earth am I going to keep up with payments if I can't pay £40 per month" :rolleyes:

dmg24

Welcome Terese,

Not sure about the point of your post?!

terese

dmg24 wrote: »

Welcome Terese,

Not sure about the point of your post?!

The point is that it is really silly that banks use computer to decide whether or not you can get a mortgage

JoKay_2

How do you suggest they do it then? See if they like the look of you?

Seriously though, I'm not sure it can be done any other way, unless I'm missing something??

terese

JoKay wrote: »

How do you suggest they do it then? See if they like the look of you?

Seriously though, I'm not sure it can be done any other way, unless I'm missing something??

Can someone tell me how they did it in the 50's & 60's.

DavidPeakeweb

My mortgage was calculated on affordability. The credit check, said I had missed 3 different payments in the last year, but the affordability said how much I could pay.

Mr_helpful

terese wrote: »

Can someone tell me how they did it in the 50's & 60's.

Yes The manager looked at it if he liked it you would be ok if he didnt it was time to go find another lender. Its much fairer now.

dunstonh

The computer didnt say no. The data input into the computer to allow a credit search to take place identified that you have default information. Based on that data, they are not prepared to lend to you.

Whilst many of us have seen the lame "computer says no" style presentation over the years, the truth is that computers have made the lending decision much easier and much fairer.

jamesd

terese, it just means that the Halifax has said that they don't want mortgage customers who have a missed payment within the period that includes your missed payment. The computer does what they tell it to do, it's humans who write the rules.

Other lenders will have different rules and I expect that many will accept a single missed payment.

---lee---

dunstonh wrote: »

The data input into the computer to allow a credit search to take place identified that you have default information. Based on that data, they are not prepared to lend to you.

Since when is one late payment a default?

My guess would be that there is either not enough credit history or you have something else on your credit file. Have you checked your credit file from both Experian and Equifax? I belive both offer 30 day free trails which are free provided that you remember to cancel them within 30 days.

Mr_helpful

This is the trouble with going direct. The person who operates this computer often doesnt have any qualifications and doesnt understand mortgages. I once had a guy turned down by halifax, Abbey, and Woolwich for a 30K loan on a 270K house, No adverse it was just he had sold his company and signed a cotract not to work in same business for 6 mths. Computer said no coz he was unemployed. One phone call to the manger of our local building society (one of the smallest and most cautious) was all it took.
Computers are black and white. If you want to be with the halifax phone head office and have a tantrum. Or use a broker.