Halifax & Nationwide Lending Criteria

Crashandburn

EHJK wrote: »

You know, if a default is a heavily weighted negative factor but you counter it with a large salary/affordability factor it may be enough to get you through overall.

And they would say you clearly have a good salary and the means to afford things, but cannot pay your debts on time. I would say the 7 payments in 12 would easily be a no with these two lenders.

It is a difficult for them to publish a full criteria on missed payments, defaults, CCJS etc when so many factors are involved. The score card system seems to work fine.

EHJK

Doesn't the Halifax DIP perform a soft "credit quote" search thus leaves no visible, to third parties, footprint on your credit file?

Crashandburn

EHJK wrote: »

Doesn't the Halifax DIP perform a soft "credit quote" search thus leaves no visible, to third parties, footprint on your credit file?

It does but it's also as useful as a chocolate kettle. It's more a 'Let's kind of say yes but only to the point that we can have look at it in a bit more detail' agreement!

Thrugelmir

EHJK wrote: »

Thanks. This is exactly why I wish Halifax published their specific criteria.

Lenders don't. As it's commercially sensitive information. Constantly being changed. Nor does it guarantee a mortgage offer even if all the boxes are ticked.

Better to focus on maintaining a squeaky clean credit profile. Then no issues should arise.

Dave_Ham

I am in 2 minds over this, whilst I have respect for someone trying to understand a situation and go into something with eyes open; I do have an issue with someone thinking a bit of reading on public forums and websites gives as much information as what we do day in day out.

The real answer to your quandry is get your Experian, Equifax and Call Credit reports to a professional. I or many of the other brokers on here (not the broker ranting about approaching the 3 lenders you are now looking at incidentally) would be able to ascertain which lender and when you will be able to achieve the mortgage.

I cannot imagine Precise is necessary for this case, but it is all about all 3 reports.

Good luck

Crashandburn

Dave_Ham wrote: »

I or many of the other brokers on here (not the broker ranting about approaching the 3 lenders you are now looking at incidentally) would be able to ascertain which lender and when you will be able to achieve the mortgage.

After re-reading the thread, I must have missed the rant you talk about.

As for knowing when and which lender, surely that's all down to the scorecard which no broker can ever predict. Have an inkling? Yes. But even underwriters can only help with certain ways of presenting the case, but no guarantees of it going through.

Dave_Ham

Crashandburn wrote: »

After re-reading the thread, I must have missed the rant you talk about.

As for knowing when and which lender, surely that's all down to the scorecard which no broker can ever predict. Have an inkling? Yes. But even underwriters can only help with certain ways of presenting the case, but no guarantees of it going through.

The rant was on another thread by an alledged broker, citing these exact 3 lenders as the easiest to pass with.

Keying a high volume of cases each day with credit files on every case, allows us to be super close to the scorecard and therefore my strike rate would be 95 percent accuracy I would imagine.

Still, sure you take my point..

Crashandburn

Historically, high volume is one a day.

My point being is that no broker knows a scorecard. You could have discounted options going forward by assuming that because historically a lender didn't do a certain case, the scoring has remained the same.

As the OP stated, he was looking for a definite answer to their profiling and the simple answer is, no-one knows from brokers to underwriters to BDMs.

You can do some elimination from criteria but cases can be agreed one month and declined the next with same proposition given to the same lender. I know one lender that tweaks the scorecard mid-month to control the flow of business.

leereni

I have recently been in touch with a broker who was confident I would pass with a high street lender. I then went to there office to speak to him. He was off on that day and I spoke to his colleague giving him the same information. He was much less confident.

My point is there does not seem to be much clarity with brokers. And then for somebody in my position I don't want to get ripped off, paying application fees which will only lead to a decline and footprint on my credit file.

I go to see a broker because I expect them to add some specialist knowledge.

EHJK

Thrugelmir wrote: »

Lenders don't. As it's commercially sensitive information. Constantly being changed. Nor does it guarantee a mortgage offer even if all the boxes are ticked.

Better to focus on maintaining a squeaky clean credit profile. Then no issues should arise.

Some lenders do though, right? For example I can see Precise's criteria for defaults, late payments ... With that said I already see that sub prime / unconventional mortgages are less competitive than mainstream so there would be no competitive advantage lost for Precise to publish such information.

As to the comment why I should care so much about this and just leave it to the brokers...what harm is there to clients knowing all (most) the facts, doesn't it make the brokers life easier if I come prepared with all the information and with realistic expectations? As in, I expect a 2.9% deal from a mainstream lender without an appreciation for the required criteria for such a deal. Instead I come expecting a 5% deal but would be pleased if the broker came back with a better deal. After all a house purchase is likely the single biggest purchase we'll make and we trust someone we've never met to be on top of their game, which is not always how it works out (as I found out).

Anyway, I think my original question has been answered with respect to Halifax's criteria. I'll pop back on this thread when I've sorted out a deal.