Declined Halifax AIP, Confused!!

seoxpert

Hi, I was just informed by my broker that our application with halifax has been declined at AIP stage because of credit score.. I am absolutely shocked and confused why our AIP was declined... Here is my credit history...

No defaults, no CCJs, only 3 missed payments back in 2012.


The only thing that looks adverse in my credit file is I had two credit searches in September and 2 in August... Can this be the reason for decline?


I would really appreciate if someone can explain how Halifax's credit score works...


We want to proceed with Halifax as thats the only lender who will lend to self employed with 1 year accounts.


Pleade help!!


Thanks

Thrugelmir

seoxpert wrote: »

We want to proceed with Halifax as thats the only lender who will lend to self employed with 1 year accounts.

Sounds as if you don't meet their criteria at the current time. There's no obligation on the Halifax to tell you why. As the criteria is commercially sensitive and does change at any time.

ACG

Is it 90% LTV?

seoxpert

PS... A bit more about my credit history: I have 3 credit cards which are paid in full, I dont know why one of the card shows £1.6k balance even though its paid, experian says it will be updated by 20 november.


I had overdraft with Lloyds which I have cancelled recently and will be updated soon..


Anything else I can do??

seoxpert

Thanks for the quick reply, its 80% LTV but that question is not asked in the AIP. So defintely not the issue

seoxpert

Criteria? But its AIP do they take employment criteria at AIP stage?

ACG

Find a new broker.
There are atleast 2 other lenders who will do 80% LTV with 1 years accounts. Rates may not be as good but it gets you your house.

seoxpert

Thanks ACG... But do they offer mortgage to Tier 1 visa holders? I have only 1 year left on the visa and then I will get my permanent right to reside afterwards.

ACG

Good question. Im not sure off the top of my head.

MJ12

Based on personal experience, Halifax is one of the lenders that offer mortgages people on working visas. RBS and Barclays are another two. RBS needed at least 75% LTV. Barclays OK with 80% LTV. Length of remaining visa may be a factor. HSBC wasn't open to the idea last time I checked. There may be other lenders who are willing to lend to migrants.

csgohan4

seoxpert wrote: »

Thanks ACG... But do they offer mortgage to Tier 1 visa holders? I have only 1 year left on the visa and then I will get my permanent right to reside afterwards.

Above could be a reason.