Halifax - decline?

clamabuse51

Hi there,

We've been trying to buy a house under the help to buy scheme 2 (95% with 5% deposit)

We have seen a mortgage adviser and we could borrow £160,000. We found a house for £158,000.

Mortgage adviser found Halifax was best. So we started the application process. Only to hear last week that they could only offer us a 85% mortgage because I didn't realise I had gone over my credit limit on my credit card. Have signed up for Experian and found out what the problem was. Have paid off one of the credit cards and have sorted out the credit card with the problem.

Do I have a case to appeal for the 95% mortgage now?

Thanks

pmd123

From my experience, the only way you would successfully appeal, was if your credit file was recorded incorrectly. If you have gone over your limit on your credit card then it's understandable that they'd ask for a higher deposit to minimise their risk.

Halifax asked for the same from me despite not having a late payment in 6 years, and no other problems, Natwest accepted me without an issue. I'd advise you to shop around, rather than wasting your time with appeals.

clamabuse51

How long ago did you apply?

pmd123

Halifax 10 days ago - Declined
Natwest 2 days ago - Accepted

both for the same mortgage value under HTB.

clamabuse51

pmd123 wrote: »

Halifax 10 days ago - Declined
Natwest 2 days ago - Accepted

both for the same mortgage value under HTB.

Natwest is the way forward then! Thanks very much :T

pmd123

No problem,
One further piece of advice I'd give, is that Natwest is the bank I've been with for 20 years, so they have my history. It may be worth looking at your own bank and what they offer as it may work for you also.
Good luck with it all.

clamabuse51

pmd123 wrote: »

No problem,
One further piece of advice I'd give, is that Natwest is the bank I've been with for 20 years, so they have my history. It may be worth looking at your own bank and what they offer as it may work for you also.
Good luck with it all.

Well Halifax is who my partner banks with, will give Barclays a try as well as Natwest. Like you say we'll have a good look around!

Thanks again

Edi81

Or get a broker

amnblog

clamabuse51 wrote: »

Well Halifax is who my partner banks with, will give Barclays a try as well as Natwest. Like you say we'll have a good look around!

Thanks again

STOP

you have an offer - stop trying to be clever and go with what you have.

traceyhealy88

I applied to natwest and got rejected for being £50 into an overdraft, found them to be very strict, went to halifax who i bank with and had no problems.

Thrugelmir

clamabuse51 wrote: »

Have paid off one of the credit cards and have sorted out the credit card with the problem.

Do I have a case to appeal for the 95% mortgage now?

Thanks

Your level of indebtedness will impact a mortgage application at this LTV level.