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Turned down at full application - anyone has any advice for this situation
FortunePig
Posts: 48 Forumite
Hi
Hoping someone can help me to think straight and work out what to do next. Please can I ask though for no judgement about our financial mistakes. I know what they are and I will be seeing to it that they are fixed for the future.
My mum gave me some money for a deposit just after Christmas. We applied to the Halifax for a mortgage to see if we could get one as there is some adverse credit in our past (settled 2 years ago). The AIP had to go to the underwriters who had all the information about the adverse credit and it was agreed that we could have an AIP.
We looked for a house and put in an offer at the beginning of March. The value was 30k under what we had been offered on the AIP. Halifax then told us we needed to double our deposit to 10%. My mum very kindly agreed to help us out further - all this was a gift, not a loan. The mortgage then went to full application and passed the credit check.
Today (less than 24 hours after the credit check) they phoned up and told our broker that the offer was declined. the reasons given were in part due to the adverse credit history.
My husband and I had a shaky start to married life a few years ago but now earn in excess of 65k between us. We worked out a budget on a spreadsheet and bought this to our broker. It showed that we can afford the repayments, all our bills and still have around £400 left at the end of the month.
My question is not about how do we get the bank to lend as this isn't going to happen - the broker has done a fantastic job but it is just not happening for us. My question is how can Halifax put us through an AIP that needs to go to the underwriters, then ask to double the deposit, pass the credit check and then reject us. They had no further info than they had at the AIP stage where we were very honest about our past. I feel like I have been put through hell today when all of this could have been avoided if they had just said no at the AIP.
I really don't want to go into detail about our finances as I know what I need to do here, my question is really how Halifax can have done this and do I have grounds for a complaint. I really just want an apology for all the heartache they've caused which could have been avoided with a simple no at an earlier stage.
My second question is when can we try again? I think it's going to be a year or more before we will make another attempt but we have the deposit and will keep saving but I'm concerned about the impact this attempt might have made on our credit file and whether a rejection now will cause issues in a year or so.
Hoping someone can help me to think straight and work out what to do next. Please can I ask though for no judgement about our financial mistakes. I know what they are and I will be seeing to it that they are fixed for the future.
My mum gave me some money for a deposit just after Christmas. We applied to the Halifax for a mortgage to see if we could get one as there is some adverse credit in our past (settled 2 years ago). The AIP had to go to the underwriters who had all the information about the adverse credit and it was agreed that we could have an AIP.
We looked for a house and put in an offer at the beginning of March. The value was 30k under what we had been offered on the AIP. Halifax then told us we needed to double our deposit to 10%. My mum very kindly agreed to help us out further - all this was a gift, not a loan. The mortgage then went to full application and passed the credit check.
Today (less than 24 hours after the credit check) they phoned up and told our broker that the offer was declined. the reasons given were in part due to the adverse credit history.
My husband and I had a shaky start to married life a few years ago but now earn in excess of 65k between us. We worked out a budget on a spreadsheet and bought this to our broker. It showed that we can afford the repayments, all our bills and still have around £400 left at the end of the month.
My question is not about how do we get the bank to lend as this isn't going to happen - the broker has done a fantastic job but it is just not happening for us. My question is how can Halifax put us through an AIP that needs to go to the underwriters, then ask to double the deposit, pass the credit check and then reject us. They had no further info than they had at the AIP stage where we were very honest about our past. I feel like I have been put through hell today when all of this could have been avoided if they had just said no at the AIP.
I really don't want to go into detail about our finances as I know what I need to do here, my question is really how Halifax can have done this and do I have grounds for a complaint. I really just want an apology for all the heartache they've caused which could have been avoided with a simple no at an earlier stage.
My second question is when can we try again? I think it's going to be a year or more before we will make another attempt but we have the deposit and will keep saving but I'm concerned about the impact this attempt might have made on our credit file and whether a rejection now will cause issues in a year or so.
I like pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals - Winston Churchill
£5 a day in Dec - £16.80/£155 = 11% done
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maybe re-post this in the mortgages forum...........0
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