Halifax mortgage with defaults

Pjw

Hi all,

I found lots of helpful advice on this forum before I put my mortgage application in, so just wanted to post my experience in case it helps or reassures anyone else in a similar situation.

Me and my partner, both FTB, joint income of £36,000, house we want is £155,000 and we have a deposit of £50,000, which puts out LTV at 67%.

My partner has no debt issues, no credit cards, but car finance of £100 per month with £6,500 left to pay. Her Experian score was 967.

I had a phone bill I defaulted on 04/2012 for £40 but paid off right away. Also, an old bank account in default for £70 (which was due to fraud on an account I only noticed when I started looking at mortgages, I've disputed with the bank and have a notice of correction on my report). I have 2 credit cards I use for fuel each month and pay off in full, hoping to boost my credit rating. My Experian score was 700.

14/04 - Offer accepted on house
15/04 - Called London & Country Mortgages, gave them all our details.
18/04 - Sent them a copy of our credit files.
19/04 - London & Country adverse credit advisor called me and gave me some information and recommendations, he advised we go with Halifax. Put through AIP, said there's 2 passes, a straight pass, and a referred pass (they have to look more closely at our finances). Ours was a straight pass.
21/04 - Full application went through to Halifax in the morning. In the afternoon, they requested each of our most recent payslips, a bank statement showing the salary going into the accounts and 3 months of statement showing our deposit.
22/04 - They took payment for valuation.
25/04 - Valuation booked for 29/04.
29/04 - Valuation.
03/05 - Received mortgage offer from Halifax!

So from our first conversation with the broker it took 18 days to receive the offer, can't believe how quick it was, and can't recommend L&C enough for all their help and work, really fantastic service from them.

Hopefully this will be of some reassurance to anyone out there applying for a mortgage with any marks on their credit file. I know I was terrified when we started to look into mortgages and saw my score was so low, but just goes to show it really is all down to the whole situation, and you won't necessarily ruin your mortgage application if your other half has a perfect background and you don't

Thrugelmir

When in doubt use a broker. They'll know which lenders are suitable to approach.

looty

Congratulations! You have a very fast progress. Unfortunately I can not say that for my case. I did not receive any valuation report from Halifax 42 days after the payment and 3 week after the valuation day. I have a question and I believe someone can answer me does it a true? ''The bank (Halifax) is not obliged to let you see the Mortgage Valuation report. ''

I am asking you that because I received this explanation instead a result of Halifax valuation from our ''independent'' mortgage advisor.

My previous deal failed because of seller but then I got a valuation report from Halifax.

kingstreet

Colleys issues the valuation reports, not Halifax.

If you haven't had one, call Colleys 0345 602 2222, quote your 10/- number and the postcode and ask them to send you another.

looty

many tanks for the reply but what do you mean with ''10/- number''?

kingstreet

You've applied to Halifax for a mortgage?

What's the application number?

Anzhelka

looty, they usually do send report to you. our valuation was done this Monday and we received our valuation report today.

looty

I found my ref N. Many thanks. I will call to Colleys and ask for my valuation report . My mortgage advisor is sо lazy and ignore me after I paid him in advance.
Where can I complain?

kingstreet

Your mortgage advisor.

FWIW Colleys sends your reports directly and we do not get one, nor can we get one for you, so you're on your own on this bit either way.

looty

Thank you for your attention and an advice.