FTB -- Declined by Halifax-- what are my chances of with other lenders?

Keeran_2

Hello people,

Just frustrated and annoyed... at the same time.
My mortgage with Halifax was declined (off the phone with the mortgage adviser) and I am being told I cannot appeal. The reason for decline was discrepancies in the paperwork I submitted. All I submitted was my 3 months payslips/bank statements (2 months printed off online and the latest one got from the bank stamped), gift letter from my parents who gave us around 28k for deposit. I could not give a P60 coz I am working since 6 months as a perm employee and Obv I cannot provide P60 until next year.. coz I was working temporarily on and off and was not really on the payroll.

Am looking forward to meet a MA from the Lloyds TSB bank tomorrow, I have been banking with them since 6 yrs (since i have been in the uk!!) All I can give is the same documents.... what do u guys think? what are the chances of me getting the mortgage? Please advice.
Cheers

kingstreet

If you can't tell us more about these alleged "discrepancies" we aren't going to be able to tell you anything meaningful.

As Halifax is an LBG member and you are heading to them again, I'd suggest caution in having another speculative credit search.

You'd be better off talking to a good independent or whole market broker after obtaining all three of your credit files.

Keeran_2

Thank you so much for replying!

I asked the MA... what are those discrepencies.... and she told me.. she cannot go into the details unfortunately! I dont know what exactly they meant!!!!
yes I am aware Halifax is a part of the LBG.,... do u think it will be worth going to them? Kindly advice.

GMS

Did the salary credits match the payslips to the penny?

Keeran_2

GMS wrote: »

Did the salary credits match the payslips to the penny?

Yes, they did match obv! :P

She had also asked for a proof of deposit, i got the money transferred from India on the 19th of march (29k) I also transferred some funds from my savings account and showed around 36k as the proof of deposit.would this be the problem?

Dave_Ham

It is incredibly unlikely that anyone on here is going to be able to guess. I would push Halifax for an answer, as they have to be a bit more specific.

Did they physically decline the case (at which point they found something sinister) or did they just say that they would not approve your income and therefore unaffordable.

In these sort of situation, the lenders do not take this decision lightly as a human would have declined these. Typically if they were unsure, they would have asked for more details and/or employer reference.

Are you related to your employer or a very small company, are you paid bacs from the account name as the same as the business name?

There are loads more questions, ultimately you either know if you are hiding something at which point lenders will find this out (as Halifax would have reported this by now) or you are telling the truth and everything is credible and you are likely to get success elsewhere.

kingstreet

Do not be tempted to change any data from the Halifax application to a new one with a different lender. This will trigger a National Hunter alert if the information does not match.

Keeran_2

Dave_Ham wrote: »

It is incredibly unlikely that anyone on here is going to be able to guess. I would push Halifax for an answer, as they have to be a bit more specific.

Did they physically decline the case (at which point they found something sinister) or did they just say that they would not approve your income and therefore unaffordable.

In these sort of situation, the lenders do not take this decision lightly as a human would have declined these. Typically if they were unsure, they would have asked for more details and/or employer reference.

Are you related to your employer or a very small company, are you paid bacs from the account name as the same as the business name?

There are loads more questions, ultimately you either know if you are hiding something at which point lenders will find this out (as Halifax would have reported this by now) or you are telling the truth and everything is credible and you are likely to get success elsewhere.

Thank you for replying. I am not related to my employer, it is a small company with around 25 employees out of which only 5 are perm and the rest work on a contract basis. I have nothing else to hide tbh!

Keeran_2

kingstreet wrote: »

Do not be tempted to change any data from the Halifax application to a new one with a different lender. This will trigger a National Hunter alert if the information does not match.

Thanks Kingstreet!
Obviously I will be submitting the same payslips and same letter from my parents.... same documentation!!!! Since I bank with them.. I wont need to give my bank statements, if that makes any difference!

hamster2013

only difference not submitting the bank statements will be that they will be able to measure your affordability better
they will still require payslips and p60 and other sources of income to be taken into account and to ensure if its from a reliable source
and when you have been in a perm contract for only 6 months, you have to show that you are not in any probation period etc
depending on the industry your company operates in, they could consider it a low or a high risk job

Keeran_2

hamster2013 wrote: »

only difference not submitting the bank statements will be that they will be able to measure your affordability better
they will still require payslips and p60 and other sources of income to be taken into account and to ensure if its from a reliable source
and when you have been in a perm contract for only 6 months, you have to show that you are not in any probation period etc
depending on the industry your company operates in, they could consider it a low or a high risk job

Thank you!
yes I will be submitting my payslips, though i cannot give my P60 since I am working only since September/12. and my last employment was temporary basis until feb2012 which I worked only 2 days a week. after that I worked with the present company on and off, due to child care issues (I have a 3.5 year old, and i did not want to work full time as most of my salary would go for the childcare!!) Since, she went to the nursery I decided its time to get back to work... and at teh same time was offered this job ona full time basis...... Would not having P60 be a problem?any alternatives to P60?