Halifax decision in principle

missspeedy23

My partner and I got a DIP with the Halifax at the beginning of November and have just had an offer on a property accepted which is well within the value they put on the DIP.

The DIP says it is subject to a satisfactory assessment on the property being purchased and the details given being correct. The search on my experian file says "mortgage quotation" so I don't think this is based on a full credit search?

My concern is that I was declared bankrupt in 2006 but have been discharged over 6 years which is their criteria. Our mortgage advisor attempted to do a DIP with Nationwide which was declined straightaway but the one with the Halifax was ok. The Nationwide one shows as a "first mortgage application" on my credit files".

I had a late payment nearly 2 years ago but other than that everything is fine on my record now.

I'm a bit scared that the DIP isn't actually what we thought it was, I.e. A promise to give us a mortgage and that we've gone through all of this to come away empty handed.

Has anyone any information\advice\experience on this scenario? Good or bad?

Thanks
Jo

kingstreet

Halifax probably does not know you have ever been bankrupt. The system asks the question, but we are told to only answer yes, if it was within the last six years.

A Halifax DIP does not involve a full search until you submit a full application, so the rest of your credit history will then come into play.

Nationwide does not automatically decline for a historic bankruptcy, so what is visible on all three versions of your credit file which may be an issue?

Loan to value?

missspeedy23

The only thing that is visible is a late payment in January last year. I did apply for a credit card with Nationwide the middle of the last year which was declined so I wonder if it might be to do with that? I did get a Barclaycard Platinum approved though.

The LTV is 85%.

Experian_company_representative

If they've run a credit check, even as a quote, they should see the same data ie your full Experian credit report. So this suggests to me that they're happy with your credit report.

James

missspeedy23

Thanks James, I hope so! Our FA is coming tonight to get all our ID together and will run it through tomorrow so fingers crossed!