Halifax mortgage applications thread!

clairealgey

I am a ftb and have my valuation being done tomorrow . Halifax are the people I have applied for my mortgage with. However on Friday night I noticed on my credit check ( experian) my electoral roll address is wrong ?? It says ave instead of rd .... I am panicking now this will have an effect on our approval for mortgage . My credit checks show halifax have checked us out but that states the wrong address to ... We have only rented this property since feb prior to that was in another property and the electoral roll address was correct ... Also my credit card does not show up on my credit score yet halifax no about this .. Is this going to affect me ????
Also letter of solicitor and it states about proof of savings and they may need six months worth . I have proof from August so can print this of and take This ... Has anyone else needed to provide six months of proof ???

greatone

My own experience with Halifax has been great. They are current residential lender and Im doing another resi.

Application, valuation, and mortgage offer all in one week and I have some minor adverse credit! LTV is quite low though so not really much risk.

EXPEDITE74

greatone wrote: »

My own experience with Halifax has been great. They are current residential lender and Im doing another resi.

Application, valuation, and mortgage offer all in one week and I have some minor adverse credit! LTV is quite low though so not really much risk.

Hi Greatone Well Done,

As far as Im lead to believe you cannot get a second residential mortgage -
Main Residence
In the mortgage world you can only have one main residence. While some people are fortunate enough to have a second home or holiday home, they will not be classed as a main residence. So, if you are looking for a second mortgage on 'residential rates' you may only have one such mortgage.
Residential mortgages are the cheapest mortgage available but will depend on the amount of equity or deposit you have (referred to as LTV or Loan to Value). A lower LTV achieves a lower mortgage rate. LTV's can go to a maximum of 95% although very few lenders now operate at this level. The amount of mortgage that you can obtain will be dictated by your income.

kingstreet

EXPEDITE74 wrote: »

So, if you are looking for a second mortgage on 'residential rates' you may only have one such mortgage

That isn't the case.

You can have as many residential mortgages as you can afford. A lender may limit LTV for a second property and some lenders may not provide another residential mortgage where there's one remaining in existence but they wouldn't be representative of the market as a whole.

EXPEDITE74

kingstreet wrote: »

That isn't the case.

You can have as many residential mortgages as you can afford. A lender may limit LTV for a second property and some lenders may not provide another residential mortgage where there's one remaining in existence but they wouldn't be representative of the market as a whole.

I Understand you can have as many as you want you can have as many mortgages as you like on as many properties. The issue is that the terms and conditions of residential mortgages expect you to live in the properties as your own home, even if it's only for a short time, as with a holiday home, for example.If you decide to let a Property on which you have a residential mortgage you are obliged to tell your lender, who will decide what action it wants you to take.

kingstreet

Yes. If you intend someone else to reside in the property it would require consent to let. However, that wasn't the issue in question. You are using the term "main residence" which has no great relevance to mortgages.

Plenty of people have a home during the week (pied a terre) and another at weekend. Others have holiday homes. These are all purchased using a residential mortgage at normal residential mortgage rates.

As I said, some lenders won't offer such products, others will limit the loan to value but none I can think of require use of other, higher rated products.

The issue is that you will live in the property some of the time, as opposed to it being the home of someone not related to you which would then see it require a BTL product or CTL.

Jason_Bourne_2

Wasn't planning on moving til after Feb or so but there's a house I really like on the market so have started the ball rolling with a broker and I'm looking for any advice/experience with my situation.


LTV is 73%

Finished a DMP 12 months ago where I have various defaults (all over 3 years old) which are all settled.


2 of the defaults are with the Bank of Scotland. One for an overdraft which was satisfied in full, Credit Card which was part satisfied in a full & final. I would have thought I wouldn't have a chance with them?


I've had my mortgage with them for nearly 6 years without a late payment, up to date.


Anyway, my broker has a DIP with them for my house move. I expressed my concerns as I thought I'd have no chance with them due to Bank of Scotland defaults. He says I've passed the credit check and in his experience I won't have any problems.

Question is, if my finances are what I have said they are will I pass the full application or will I get turned down for credit scoring?
I don't want to waste time if I have no chance with the Halifax.

Do I need a new broker?

Thanks

EXPEDITE74

Hey Jason, I got refused as they went right through my account as I bank with them so they came up with bull***t excuse about having a few bets!

What's the difference with buying cigarettes, having a go on the lottery, getting sloshed on booze? What is the difference???

£20 a week - come on anyone what is the difference???

It's very True they lend to all but the safest lenders im no bragger but earning over £110000 a year so that just shows they're full of nonsense!

THE BANK IS FULL OF ABSOLUTE CRAP!

Anyways some other lucky lender got me so tough titty to Halifax!:rotfl:

Jason_Bourne_2

I prepared myself for that one. Closed all online betting accounts and only ever bet in cash.

Even the misses has been told to pay hair dresser etc in cash.

Just concerned that my 2 bank of Scotland defaults will blow this application out and I'm wasting time and credit searches.
Broker doesn't seem to think so?

EXPEDITE74

Hopefully it's not too bad Jason Brokers normally know the score.

Good luck mate.

Mine was actually accepted then the home office decided to be bells after the head underwriter had passed it off. Just picky they can be mate if they want too.