HELP Trying to get a mortgage!!!!!

Bubbles87

Advice Please.....

Me & my partner have applied for mortgage with Halifax we have both been approved for a promise on a 10% basis, my partner has two satisfied defaults both under the amount of £200 (both phone company's, one is cleared this year & one in June 2015 and a credit score off 870 & been in his job for 3 years, We have told the bank that we have had problems in the past but still approved.

We have put an offer in a house we will find out if we have the property on Tuesday, I was told by bank that at the mortgage promise stage they do a soft credit check & a full credit check in completion.

I'm worried that after the offer is excepted & we go a head with mortgage that they reject us for the defaults (would they see the defaults in the first checks?) I have also heard mixed reviews regarding this.

My partner is on a good income over £50,000 a year, has anyone been in this situation that can help!!!

kingstreet

A Halifax MP is probably the most unreliable method of establishing your mortgageability, especially with a history of adverse credit.

The defaults have probably not been picked up yet, so you have no certainty of acceptance until after a full application has been made.

At 90% your deposit goes against you as well.

Bubbles87

I kind of thought that the defaults had not yet been recovered on his credit file, but we did tell the bank that he had two defaults...

kingstreet

Disclosing adverse credit is obviously the right thing to do.

If you'd done that at a time when you were applying to a lender which carries out a full search at DIP stage, the response you got back would be much more reliable.

As it is, you are going to have to wait until a full application is submitted to establish if this case will proceed. Spend nothing on fees until you are sure it's a "goer."

Bubbles87

Yeah we told halifax that my partner had two defaults from the start of application, we where honest my partner also banks with the halifax, I'm worried that the bank will make us pay a valuation fee for the property then drop us I've read a lot about the halifax doing this..

kingstreet

Not for adverse credit they don't.

When the full application is submitted, you can only enter the card details for the valuation fee after the application is accepted.

If a case is kicked later, after the valuation is done, then the fee is spent and there's nothing they can do about that.