Halifax vs Nationwide - Will 1 search make a difference?

EOX82

My husband and I are selling our house and have had our offer accepted. Our estate agent bullied us into speaking to their mortgage lady and she was very helpful and got us an agreement in principle with Halifax. We have to pay a £400 non-refundable fee on application to the broker.


We have been with Nationwide for 11 years and their rates and deals are quite good but the lady said they are strict.


I get the feeling that she may not get as much commission from Nationwide but she says the reason she chose Halifax is that they are more flexible to things like my self-employment, they lend more etc.


I want to try and get an agreement in principle from Nationwide but I'm aware that it will be a search against us. Our credit ratings are good, no defaults, no late payments in the last 12 months and the only search will be from the Halifax, will one more search scupper things?


Does anyone know if Halifax are more flexible than Nationwide? Will being a Nationwide customer for so long have an effect?


We have a 15.1% deposit. She said the fact that we owed £1000 on a DMP (that does not affect our credit rating as its too old) that would be paid off with the sale of our house would not make a difference. I may get it settled before hand.


As the fee is non-refundable I am trying to assess my risk of losing it. She keeps saying its fine and nothing to worry about.


I don't know what to do for the best. We have to do something and we have an appointment to apply to Halifax on Thursday.


Thanks in advance.

Dave_Ham

Halifax are more flexible in many ways than Nationwide.

It is unlikely to adversely affect your credit file having an AIP done with Nationwide

Estate Agents and their tied advisers are not known for always trekking the truth, but their decision will not be led by commission as most pay very similar rates

amnblog

Your note says no late payments in the past 12 months - does this mean you have late payments on your file prior to this?

How long have you been in a debt management plan?

Nationwide are far less generous with self-employed income than they are with employment income and this may be a factor in your brokers decision.

Halifax 85% rates are likely to be close to those from Nationwide(perhaps just 0.1% higher) so you may be chasing a benefit that is not there.

If you have already allowed yourself to be 'bullied' and paid a non refundable fee, so perhaps you are best to let the broker do their work.

kingstreet

FWIW we get paid more by Nationwide than we do Halifax, but there's too little in it for it to make any difference to who we would recommend or choose for a particular case.