FTB Advice 30 April 2014 at 2:47PM in Mortgages & endowments 4 replies 630 views

Golfer101

Hello

Had an offer on a house accepted and applied with Halifax for 95% LTV, they have said they are only willing to offer 90% unfortunately.

Our broker has suggested a building society but said that if Halifax didn't accept she wouldn't be hopeful of them accepting us either as Halifax are quite lenient.

My fall back should the second app fail would be to buy a new build under the Help to Buy - EL scheme, my only concern is should we not be successful with the BS would that be seen as two fails on our credit score and potentially stop us buying a new build also?

Nervously anticipate any advice
Thank you.

kingstreet

There are no "fails" recorded.

All the next lender sees is a search and very few lenders now ask if you have been declined.

If you have, you simply say you were. It won't make any difference to the next application.

IMHO no lender is "lenient" at 95% and I would have ensured you obtained all three versions of your credit file before we considered submitting an application.

Golfer101

Thanks kingstreet

We did have all three reports, I just have no credit where as my girlfriend does and has no late / defaulted payments

ACG

Why are they prepared to lend 90%?

Im assuming this is a risk perspective rather than an affordability issue?

Halifax can be lenient but your case should be being discussed with lenders directly to see what the chances are of them accepting. The advisor should not be making applications if they are not confident - how does that help your situation?

Golfer101

Affordability is fine, our DIP was for a lot more than our full application. We both have full time secure jobs and earn a good joint income.

We are very wary of just applying here there and everywhere as don't want to ruin credit rating. It was said that Newcastle could be harder to pass as it's a smaller lender is this the case?