Further advance from Halifax

iluvpink1

Hi there, just wondering if anyone has any recent experience of this process? We applied a couple of years ago over the phone and didn't pass credit check. We have re built our credit score and phoned to apply again. The person on the other end of the phone told us that all applications have to be done in branch and that she could only tell us if we met the criteria which we did. I asked if that included the credit score and she said no they didn't do that they only check affordability ! I'm not convinced somehow!! Just wondering if anyone out there can shed any light? Many thanks

Goldiegirl

In years gone by, you could apply for a Halifax further advance over the phone.

My guess is, they've withdrawn this facility, due to MMR (mortgage market review)' which means they'll need to go into greater detail about your expenditure, and also see if the mortgage would be affordable if interest rates rose. I understand is can be a lengthy process, so maybe it's not feasible to do this on the phone.

iluvpink1

Thanks for that it does sound like a different process now. Any thoughts on the credit check?

Thrugelmir

A credit appraisil will only be made once you make a full mortgage application.

iluvpink1

Yes but I already have the mortgage with them (17 years) and am looking for a further advance. Do they do a credit check for this? I know they used to but going by what the advisor on the phone said today they now go on affordability.