Mortgage offer from halifax - will we be rejected?

Adele92

Mortgage offer from halifax - will we be rejected?
Me and my partner finally have a mortgage offer through from halifax - we obtained it through a broker. My partner has a credit card of 2k which he bought a car on. The broker declared this to halifax that we have an outstanding balance. Anyway I checked my partners credit score today on experian and it is now poor because the credit card payment is showing. We are going to pay it off each month as its interest free. Is this gonna make our application rejected at the end? As I presume they do 1 last credit check befor exchange

kingstreet

Your reasoning is not correct.

Halifax does not necessarily carry out another search.

If your case is pulled for audit, it may be subject to scrutiny but this does not mean the withdrawal of your offer, unless something has changed which materially affects the application and its affordability.

If you knew this might be an issue, why in God's name did you allow him to buy a car on credit during a mortgage application?

Adele92

Don't ask. He did it before we even got a decision in principle about 3-4 weeks ago. It's now appearing on his credit file. Not sure if halifax would have seen this when they issued the full mortgage offer but I looked at my own credit file and the last check they did was on the 18th July - this is the day the mortgage offer was issued. Still not received it in the post but the broker said he has email confirmation. For anyone who is using halifax FYI it took 10 days from application to offer. How long do solicitors take? I'm still worried that it will be rejexted

Let_Us_See

What's all the fuss? If, as you have confirmed, the CC balance was declared to Halifax, who would also have carried out their own credit checks, and your broker has since confirmed issue of an offer, where is the problem?

As long as it fits affordability, having an outstanding credit card commitment does not preclude an offer of mortgage or signals bad credit.

kingstreet

As LUS said, as long as you declared the increased credit card balance and it was factored into affordability, it shouldn't be a problem. I thought he had done it after the full application had been submitted.

If he has not declared it and the updated balance is seen at audit and it affects affordability, then it could be a problem, but there's only a 1 in 12 chance of an audit being required.

Adele92

Ok everyone matters just got worse. I received the mortgage offer yesterday that was issued on the 18th July - only to find that it was COMPLETLEY different to the KFI that the mortgage broker had given me. Originally we had agreed the term would be over 35 yrs at a 2 year fixed rate of 3.89%. The mortgage offer that I got through the post from Halifax stated 5 year fixed rate of 4.99% over 40 years. Obviously at this point I was not happy. My broker is on annual leave for the week so I immediately called up Halifax asking what is going on. All they said was speak to my broker as some information was missing on the file and that some details had changed?! The details they had on their system again had changed to a different rate and fixed term. I want to scream because they have withdrawn the offer and said the broker needs to change some details on the application. Something to do with the 'Wrong Product'?

This cropped up before we got the offer as its a shared ownership deal. So the guy from Halifax told me that its nothing to do with me or anything I need to do its to do with the broker?!?!

I then emailed my brokers manager from burchel Edwards and he emailed back saying "By the looks of it they have made an error and have inputted the wrong product. We will look into this for you, please don't worry we will sort it out for you and get back to you"

WELL I am worried. Will Halifax do ANOTHER credit check on us before they issue another offer or will they go with all the info they got from us on the 18th July? because at this rate my credit rating is going down the pan with all these searches. PLEASE ADIVSE XX (sorry to go on - stressed)

kingstreet

You appear to have started another thread. I've answered there. Please try to keep the story to one thread so we don't feel like we're going mad moving from one to another trying to keep up.

There was a member a few weeks ago who shall remain nameless who started a new thread on the same mortgage every day. It got seriously tedious searching for the answer you'd given a couple of days before to see what had happened since...