What would be my next options?

kingstreet

JimmyTheWig wrote: »

kingstreet/Dave Ham - Not quite sure what you are both saying, here. Are you saying that you would expect Halifax to lend to the OP with a 5% deposit?

Yes. Unless there's public adverse, or adverse within the LBG which is showing up on the soft search, an HTB application with 75/20/5 split should pass without too much trouble.

FTBSOS

So I spoke to one of the advisers and they said basically I had to stump up 15% because my credit score with wasn't high enough for the bank to accept it at 5% and that others have applied and have got accepted at 5% deposit.

An adviser is coming around in next few days, where they'll get my payslips ect, and go in and do a straight full search with natwest, not a soft search. So fingers cross.

74hotspur

Have you tried the woolwich?

Meog12

I had exactly the same problem applied to halifax through HTB scheme but they declined saying we needed a bigger deposit and that based on our credit scores (both in 800s) we needed a 15% deposit... Sort of defeats the point of help to buy? We are now waiting to hear if our application to natwest has been accepted

bigadaj

Meog12 wrote: »

I had exactly the same problem applied to halifax through HTB scheme but they declined saying we needed a bigger deposit and that based on our credit scores (both in 800s) we needed a 15% deposit... Sort of defeats the point of help to buy? We are now waiting to hear if our application to natwest has been accepted

Rate and deposit are a consequence of risk so there might be something on your file they don't like particularly. If they refer to a credit score its not the equifax/ experian one, these are useless, it will be their own credit scoring system, so just use the cras for the information of your credit record and please ignore the scores.

FTBSOS

74hotspur wrote: »

Have you tried the woolwich?

Not yet, I guess this will be the next step if not accepted with NW.

Meog12 wrote: »

I had exactly the same problem applied to halifax through HTB scheme but they declined saying we needed a bigger deposit and that based on our credit scores (both in 800s) we needed a 15% deposit... Sort of defeats the point of help to buy? We are now waiting to hear if our application to natwest has been accepted

I know it's crazy, I wish you the best of luck with your app with natwest do keep me updated if you hear anything! :T

Experian_company_representative

A mortgage DIP can result in a full credit check because you are asking whether they will lend to you. Your credit report will confirm exactly what's been recorded.

James Jones

Thrugelmir

Meog12 wrote: »

I had exactly the same problem applied to halifax through HTB scheme but they declined saying we needed a bigger deposit and that based on our credit scores (both in 800s) we needed a 15% deposit... Sort of defeats the point of help to buy?

The purpose of the scheme is not to take risky lending decisions as was the case a few years ago, but to help those who have genuine reasons for being unable to save a large deposit.

FTBSOS

So the broker came today, showed all my documents and he said I should hear a decision late next week, considering that monday will be a bank holiday.

Also, he said it had to be underwritten because they couldn't find my address! When I did my application, they had to manually enter my address which made the app come back as a referred decision.

Fingers cross.