Very Bad Credit - Mortgage Agreed?!

crigglewiggle

Can Halifax accept a mortgage on bad credit? I've had an AIP and now a mortgage promise?!

RhysHSCC

If they have approved you on credit score, I can't think they can decline it on this basis now, otherwise they would have done so immediately.

you could be declined is if you have overstated/unable to evidence your income.

Thrugelmir

What's behind your poor credit score?

amnblog

Surprised you got this message from the Adviser at Halifax.


He should know that their initial mortgage in principle search is not as thorough as their full application search and cases can, and do, pass at DIP stage and fail at full application.


Two things to be aware of:


This is not to say that you case will necessarily fail at full application stage.


Even if it does, this does not mean you cannot get a mortgage. All you do is walk out of Halifax and engage an Independent Mortgage Broker to sort this for you with a different lender.

AnotherJoe

Can they reject me further down the line or was this initial meeting their only chance to reject me?
======
They can of course reject you at any stage right up until they lend the actual money.

crigglewiggle

Thanks for all your help.

crigglewiggle

He's just responded:


The credit check that i done is about 99% correct, the only thing that would change that is if the underwriter finds some thing else when he does the check before offer, but normally there is no change from my initial check so you should be good to go

Fingers crossed then!

Mizenberg

Hi criggle,

This sounds rather similar to my scenario (not a particularly bad score, just high credit card/loan balances), and I have been having the same concerns as you!

We went for an initial meeting and thought we would be laughed out of there. But they offered to lend us up to £195k! We have now done our application for our dream-home, and are just waiting for the valuations to be done. Our advisor basically said to us on Saturday "subject to the valuations, you are there"- but I still keep worrying that we will be rejected on something (e.g. we are using £20k of our house sale to clear debts, and the other £40k odd for a deposit).

I suspect in your case, that the high figure you have available for a deposit must really help (we only have £40k-44k). But I am right there with you in that it's almost like I don't believe that they will lend me the money, until they actually do!

Fingers crossed for you that it all works out.

crigglewiggle

Thanks, Mizenburg - fingers crossed for you too - let me know how you get on. There's hope for us yet!

tight_old_cow

Please keep us updated. I want to borrow £25,000 but have been turned down because I an in dispute with Ee over £47. I have never owed money before in my life. It's so unfair. I paid for my home with cash £ 300,000. I am devastated.

crigglewiggle

There's always a way!