First time buyer

Hoops7

This is my first time using a forum so please excuse me if I am not in the right place or doing something wrong! I had a mortgage agreed in principle with Halifax but then went on to have a quote with another bank who declined me. I am worried that the Halifax will now decline my application also. Thanks for any help

Yorkie1

It's not entirely clear - have you had an offer on a property accepted already?

Which was the other bank?

What % of the property value are you seeking to borrow (assuming answer to Q1 is yes)?

Have you any adverse credit? Missed payments / defaults / CCJs / constant use of overdraft / pay day loans?

Hoops7

Yes I have had an offer accepted, the other bank was HSBC, I have a 10% deposit, thanks

Hoops7

Oh and no late payments ccj's etc.

hcb42

Why dont you want to stick with Halifax?

Hoops7

I do but I thought I should have at least three quotes to see who was best

ExpertAdvice

Its still not entirely clear.

You mentioned that you would have 3 different quotes to see who was the best which is fair enough. But, I'm sure once you decided which quote was the best (assuming it was Halifax), you applied with them.

So, why would you then apply for a DIP with another lender when your application is in process with Halifax?

Also, what was the reason for decline if your credit history is absolutely perfect???

Hoops7

Ok I am not explaining myself very well. I went to the Halifax first, had an agreement in principle, i dont know if they credit scored me, then went to nationwide, again unsure if they credit scored, then my last choice was HSBC, who did credit score and the decision came back declined, I am now worried that if Halifax did not credit score originally when I go back to complete the mortgage it will be declined, thanks

kingstreet

A Halifax DIP is notoriously unreliable and when the full application is submitted a full credit search is carried out. If the HSBC application was declined for adverse credit issues, Halifax will probably pick it up too, just later in the process.

You should be getting quotes to establish the best deal, but that should not involve multiple speculative credit searches.

You should now order your credit file from all three CRAs to establish exactly what is one there. TBH you should have done that before you started legging up and down the High Street applying for mortgages.

hcb42

No point in worrying now, the deed is done. Why dont you know if you were credit checked though?

For what it is worth, it is better to do the maths, using an on line calculator to compare your favoured mortgage products and then apply for one (if not taking the advice of a broker)

Hoops7

HSBC called me today, they input my salary incorrectly!! Left a zero off the end, corrected it ran another app and it was approved, told them there was no way I was going with them and also moving my banking away from them, Halifax offering great repayments a £500 prepaid MasterCard and £250 if I switch my account, happy days!