Halifax application from offer to decline?! HELP

Adele92

Hi everyone, I will try make this as short as possible.

Basically me and my partner found a house for shared ownership. £105,000 for 50%. We have £21,000 deposit (part saved, part gift). My earnings are £10100 and my working tax n child tax and child benefit is £11715. My partner earns £15,000.

I looked on experien and my credit score is 'excellent'. When we submitted the application my partners was 'fair'.

We went through a broker who submitted a full mortgage app to Halifax. 2 weeks later the offer come through and the broker give us the go ahead with the solicitors. So then I get the mortgage offer through the post and to my shock it was for 40 years at a rate of 4.99%. We had originally agreed on 35 years and 3.98%. So obviously I rang the mortgage broker asking what was going on! He took ages to reply so I called Halifax myself and they said the wrong product code was entered or something and they were missing some documentation for the shared ownership. So 4days later I chased them on it and called them (yesterday) and Halifax told me the broker had submitted the evidence they need and will be in touch with him by the end of the day. So the end of yesterday came and I heard nothing. I emailed the broker this morning and heard nothing. So 4pm I called him. He was 'on the phone' and was promised a call back. He then emailed me saying he was going to chase Halifax and see where they were with the situation. 20 mins later he emailed me again saying the offer had been declined now due to a credit score?!?!!?! how can this happen if they had already issued an offer? He said he has never seen this and has sent it to the business development manager. So im left devastated and have no idea what has happened.

We have 0 missed payments. I looked on Experian tonight and my partners credit score has dropped to 'Poor'. This is because he has £2200 outstanding on a credit card. It is now £2000 as we have been paying it off each month. Even though we made this purchase 2 months ago its only just shown. We did declare this to the broker when he put in the application but whether he declared it I have no idea. So anyway on the credit file it hasn't shown the last 2 payments. Whether this is why its now rejected I have no idea but I cant see any other searches on us since the 18th July when the mortgage offer was issued.

Please help someone. Would I get a mortgage on my own for 84k?

JC509

I think it's definitely because of the credit card. It happended me during my mortgage application. I have paid back all my credit card outstanding balance but it took a month an a half for the credit agency to update my file. It's then my credit rating became poor to excellent. Credit card effects ur credit rating a lot!! I think u will be in a better position if u can pay off the credit card in full. but it will takes a while for the credit agency to update ur credit file.

Good luck!

wannahouse

Adele92 wrote: »

Please help someone. Would I get a mortgage on my own for 84k?

probably not, if you told them the truth.
you said in an earlier thread, that when you applied, you didn't mention your plan to drop to part time, which is why you were concerned if they'd double check your wage slips later on in the process.

quote: "Only thing is as from 28th September I am going part time at work to study part time at uni. The mortgage is still affordable as I do get funding and my partner works full time. Just hoping it all goes through before the end of September!

I get paid the 25th each month. So if they ask to see a wage slip on or after 25th October I might be stuffed. Do they request wage slips again at the end of the process?"
https://forums.moneysavingexpert.com/discussion/comment/62632401#Comment_62632401