Mortgage promise from Halifax - very concerned.

UnorganisedGirl

I have a mortgage promise from halifax at a LTV of 90% up to £190k. I also have an agreement in principle from Accord up to £140k at 90% LTV.

Which is more reliable? I am concerned about going with the halifax. I'm aware the mortgage promise is only a soft credit check. Will this show my bank account conduct? I have an OD of £2880. I have gone over this on a number if occasions. I've rectified it, paid the fees and it's not been reported to CRA. Has this been checked at this stage.

I'm tempted to go with another lender as my last three bank statements will show me in my OD but not over the agreed limit.

I earn 38k a year. I have had an offer on a flat accepted for £115200 and I'm looking to borrow £103200.

Any advice?

Guggul

you need to pay off you overdraft and forget getting a mortgage

UnorganisedGirl

I have sold bonds to do this. Will be cleared in a weeks time.

Pikarsh

Please am new here,can anyone tell me how to use this forum
i would be very grateful to hear from you

kingstreet

UnorganisedGirl wrote: »

I have a mortgage promise from halifax at a LTV of 90% up to £190k. I also have an agreement in principle from Accord up to £140k at 90% LTV.

Which is more reliable? I am concerned about going with the halifax. I'm aware the mortgage promise is only a soft credit check. Will this show my bank account conduct? I have an OD of £2880. I have gone over this on a number if occasions. I've rectified it, paid the fees and it's not been reported to CRA. Has this been checked at this stage.

I'm tempted to go with another lender as my last three bank statements will show me in my OD but not over the agreed limit.

I earn 38k a year. I have had an offer on a flat accepted for £115200 and I'm looking to borrow £103200.

Any advice?

On balance, I would shy away from Accord if you aren't 100% "vanilla" as you will be required to submit bank statements.

The Halifax unreliable DIP is the lesser of two evils here, IMHO.

Presumably you have a broker. Take their advice on this.

Dave_Ham

As suggested, this is definitely not an Accord case.

UnorganisedGirl

My broker is also saying Halifax. Will my account conduct have already been taken into consideration at the mortgage promise stage?

Dave_Ham

Largely yes, although we are not anywhere near as qualified as your broker, as he/she has all of the detail to hand and we are speculating based upon experience.

When people on here have a case failed after a mortgage promise (DIP/AIP) it is typically as they have adverse credit recorded in the 3-6 year address category.

If your worse offence is recent missed payments and that is it and your broker has confirmed Halifax, then no-one on here will or should be able to attempt to push you away from them.

There is no cost from Halifax, as if they do fail you at full application; they will refund your valuation as long as it has not been carried out.

Good luck

UnorganisedGirl

Thankyou very much. There is nothing adverse lurking. There are a couple missed payments but are at my current address. No old defaults, CCJs etc . The OD will be paid when the full application is submitted on Thursday.

Dave_Ham

Then trust your broker, but do talk to them about your fears so they can help manage them.

UnorganisedGirl

Also.. In Scotland do I pay a valuation? The home report was done a matter of weeks ago!0