mortgage deposit problem?

Dave_Ham

Not good news, only 2-3 lenders typically lend higher multiples than Halifax.

Credit scoring should not be a huge issue, the score Experian provides it not representative of lenders scoring so this should not be an issue.

Genuinely get a new broker and lender or this is unlikely to end well..

Good luck

kingstreet

I suspect this is a reduced LTV and not an affordability affected reduced amount, Dave.

Clients think in terms of the £ difference they need, but I suspect the Halifax system has offered 65% rather than 70%, 80% instead of 85% etc.

It would be helpful if the OP could tell us what the requested loan to value is and the income multiple needed.

yellpunk

Hi
The requested LTV was 85% and Im not sure what you mean by income multiples?

kingstreet

yellpunk wrote: »

Hi
The requested LTV was 85% and Im not sure what you mean by income multiples?

How many times your gross annual basic salary fits into the mortgage amount you want to borrow.

EG - £100,000 mortgage / £20,000 income = 5 x income multiple.

Dave_Ham

kingstreet wrote: »

I suspect this is a reduced LTV and not an affordability affected reduced amount, Dave.

Clients think in terms of the £ difference they need, but I suspect the Halifax system has offered 65% rather than 70%, 80% instead of 85% etc.

It would be helpful if the OP could tell us what the requested loan to value is and the income multiple needed.

Possibly agree, although I was being a bit vague as potentially could be age of applicants, commitments or dependents keyed as with the OP's understanding and 3rd party information may be difficult to determine.

Appears we will be getting further clarity now and sure we can hopefully provide more specific reasons..

yellpunk

Oh ok
in that case it would be on a sole application for myself 6 x my gross salary, on a joint application it would be 3x our income , although a lot of my partners is made up from carers allowance and DLA which they wont take into consideration (so we've been told). LTV on sole application was 85% but I can come down to 75% and worry about the work required at a later date. I've been told that a deed of trust might work, but personally I can't see how?

Dave_Ham

You need some better advice and I suspect this should be achievable although still unsure how/why Halifax have treated in this manner.

Good luck