Mortgage declined help advice

Tillypop

Good evening. I hope someone may be able to help or advise on best way forward please.
My broker applied to Halifax for full mortgage application following my complete honesty about Dmp plan which I have been in since 2001. Creditors have always been paid. Halifax looked at this closely for two weeks with the underwriter asking for more info on my Dmp re: a letter confirming I have maintained payments. I have a poor credit score mainly because of balloon payment on car currently £15000 owing. My broker emailed me to say Halifax accepted and instructed valuation. Then two days later I was informed they had declined. My broker said it was based on all the facts off the case re: affordability combined with Dmp. I was advised to try an adverse broker. I contacted a broker from the Internet and after two days he got back to me saying he has spoke to some lenders but not able to do this because off affordability. I was advised the ballon payment is crippling at 310 per month. My query is would Halifax look at this again if I got rid of the car? This is something I know I can do. Any advise would be greatly appreciated . Thank you

ACG

You need to ask halifax or your original broker to ask halifax.

Tillypop

Thank you ACG Do you think Halifax may reconsider? I have emailed my first broker who was excellent from our first meeting and worked fast with regular updates daily.

Tillypop

Sorry for all the queries I'm just so upset that we got so far then declined. Would Halifax speak with me if I called them and asked them to take car finance out the equation as my father in law said he will pay this off for us?
Thank you

ACG

I have no idea if they would reconsider, I would not want to give you an indication as I really am not sure.

I would stick with the broker personally as they know what has been discussed and can try and put a positive spin on everything or beg their account manager to do what they can maybe.

Tillypop

Thank you for taking time to post back to me. I will contact broker tomorrow.

DCFC79

Yes you have a poor credit score but it isn't seen by lenders so any financial decision isn't based on your score.

kingstreet

I would not have put a case with an ongoing DMP to Halifax.

Their market is for prime borrowers; or those with historic adverse at least three years ago, preferably longer.

Pixie5740

Have you defaulted on payments during your DMP and if so is there a default with Halifax?

Am I reading your car balloon payment correctly? £15k? That's a lot for a car for someone on a DMP especially if it's costing you £310 a month. Getting that sold would probably help.

Thrugelmir

Tillypop wrote: »

I have been in since 2001.

Lenders will question why you haven't made the attempt to settle it earlier. Lenders while in competition in the market are like a brotherhood. There may be options for you but not at palatable rates of interest I suspect.

amnblog

I would not bother with your original broker. Taking you to Halifax does not indicate wide experience of complex cases.