Halifax declined after AIP

mrdan123

Good Afternoon,

I have just found out my mortgage has been declined as according to Halifax they have done a more detailed credit check which has lowered since they did the original.

I advised I have not applied for any credit since and looking on different credit agencies websites it only shows credit checks on car insurance (which as far as I understand doesn't effect your actual score).

Does any one have any advise on what my next option would be. I have done this alone so far but have now contacted a FA who I have forwarded mine and my partners credit report which both show as fair.

what are our chances of being accepted by someone else?

We are looking to go through the Help to Buy equity loan. (Halifax advised we would now need 35% to get a mortgage through them).

thanks in advance.

Sideburno

Have you missed any payments etc in the past before you applied for a mortgage?

mrdan123

According to the credit reports there was 1 late payment on a mobile phone contract back in 2010 but nothing else is showing.

kingstreet

Halifax "Mortgage Promise" only involves a soft search on current address and for the last three years only.

When you submit the full application, it covers all addresses for the six years visible on your credit file. Hence, the "Promise" is not all that...

Speak to a whole market broker with all three versions of your credit file in your hand. Ask friends and relatives for a recommendation.

UnorganisedGirl

Can I ask - how far along the full application stage were you when you were told it was a decline?

mrdan123

It was today. I did the mortgage promise around a month ago and reserved the house (new build) around 3 weeks ago. The actual application for the mortgage was made over a week ago.

They have said I have moved from a category B only needing 10-15% to a category C needing minimum 35%

UnorganisedGirl

I have heard of this happening. Usually there is some bad debt ie ccj or default over 3 years old that wasn't picked up.

kingstreet

It's probably something at a linked address, possibly with a financial associate and it's been referred to Credit Decisioning and they've tipped it out.

mrdan123

If Halifax have declined what are the chances of another high street lender accepting?

lee111s

Best off going to a broker. What LTV have you got? Any oustanding debt? You need to get access to all three credit files and see what they show.

UnorganisedGirl

I guess that would depend on what they have found in your full credit file.