AIP Rejected with Halifax

irdan87

It works out at about 60% total; mortgage, bills, usual expenses etc of our post tax income as I used that to help me after reading online. That's at 230k mortgage with 15k deposit on a property we had offer accepted at 242k

I have said I am willing to put more in and bump deposit to 24.2k and mortgage 220k if they will agree to it obviously.

The payments are fine as I plan to overpay at 2k a month to be clear in 10-15years. However they obviously won't take my word for that one so haven't even mentioned it.

Also the 13-14 p60 is from when I was employed 3 years ago..it has no bearing on affordability as Halifax agreed with my MA to use my one year accounts with a forecast for 16-17 and average my partners 14-15 and 15-16 accounts.

Just seem to be jumping hoop after hoop with a 4-5 working day delay between each hoop with little to no progress.

amnblog

You were hoping to buy at £242,000 with a £15,000 deposit (6%)?

You can put down £24,200 borrowing £217,800 (10% deposit) - is that not what Halifax are actually offering you?

irdan87

No. I wasn't initially hoping for anything mate. I thought I may need another year trade; thought I may get a mortgage of 150k etc. I went to see a broker told her I had 15k deposit showed her mine and my partners accounts etc; she advised Halifax would be best lender so went on their site calculators and told me we would be able to borrow up to £240k plus our deposit (255k total). I was shocked it was so much but being a FTB and inexperienced in purchasing property I was like wow ok, asked her if I can arrange to view houses/put offers in etc and she said yes you can.

Now all of the above has happened but I have informed her I can bump the deposit up to 10% of 24.2k if necessary (and delay kitchen improvements until next year when I re-save the amount) if it will help to be accepted by Halifax.

Halifax are currently saying we are still failing credit score (but neither them or my MA know why) so it may have to be authorised manually and are currently happy to lend me £210k pending the credit score issue.

They have requested my p60 when I was employed from 13-14 (no idea why - maybe to show some pattern of continuous work not being on the dole?) which I have requested a duplicate from my previous employer this morning to get sent across ASAP.

As above; I am happy to bump my deposit to 10% if it means I get accepted and don;t need to wait til next April to get another years accounts etc.

I only (perhaps naively) thought I could put in 15k as my MA advised I could.

irdan87

Duplicate of 2013-2014 P60 from being employed sent to broker who has forwarded to Halifax....the waiting game begins again...

Thrugelmir

irdan87 wrote: »

Halifax themselves are stumped as to why we are failing the credit report as there is nothing adverse on either of our reports?!

Who are you referring to as the "Halifax"? You won't get anywhere close to the decision makers nor be told what the internal lending policies are. For the simple reason that it is commercially sensitive information.

irdan87

When I say "Halifax" I am referring to the underwriter who is dealing with my case with my MA collating al documents for it to, hopefully, be manually underwritten.

irdan87

Just after a bit of help if anyone can help...

Story on the application is above however when the AIP was initially rejected the credit search appearing just said "Halifax" however yesterday we had a search done from the full application now says "provided by ClearScore".

Can someone explain the difference, if any, between the two?

Thanks again! Hopefully this will all be over one way or the other soon.