Halifax Mortgage Promise - confused!

csgohan4

retention deals online require no such credit check, check your online portal at Halifax.


Continue to hit that debt

amnblog

Remortgage_wannabee wrote: »

Hi I just came across this thread and wondered if anyone could advise please? As reading the above does give me some hope in our situation which is currently dire.
I already have a mortgage with a lot of equity in the house and I want to remortgage as my husband and I have accumulated ridiculous amounts of debts on credit cards through a combination of doing up the house and financial disorganisation. I actually think I have a form of ADHD (undiagnosed) We have good salaries which is why we’ve been able to let it get to this stage.
We asked bank to remortgage to clear off our debt and this would still leave us in a position of under 55% loan to valuation.

Despite poor credit rating mortgage advisor at bank said they would look at it as a human being and realise that the monthly payments would be vastly reduced when doing affordability calculations . Initially it was accepted ina. Credit search plus affordability calculation but it was subsequently declined by the underwriters as there were a number of late payments on our credit accounts (though everything had been brought up to date) and also some bounced payments on bank statements (again brought up to date, and we’d veen charged handsomely and covered those charges costs). They also went through our credit file with a fine tooth comb and noted that we were still spending on our credit cards because the balances weren’t going down (the balances are at the max anyway, we can’t get them down much as so much of our income going on maintaining them).

I had spoke briefly to a mortgage advisor who suggested Halifax might be a good option to try but after that we were looking at subprime lenders and high interest rates. The post above gives me hope that Halifax might be possible but I am really wary and not sure if we should wait 6 months to try and get rid of recent missed payments issue. The trouble is we are unlikely to bring down our overall credit card balance as it eats up a huge proportion of our income and the interest rates are high and we are not eligible for a 0% switch. We did try with the TSB but they failed us on ‘large indebtedness and missed payments’ . At the moment we are just sitting tight and trying to cut unnecessary spending out our bank statements but I fear that something will go horribly wrong and we will be stuffed. Thoughts te Halifax in my situation??many thanks !

If you have debt on credit cards you need to think carefully about securing that debt on your home via extra mortgage lending.

Your story suggests you are out of control with your spending and that is likely to be the case case again should you remortgage.

A repeat of your current pattern with a higher mortgage and your home is at additional risk.

You should get yourself some advice on managing your debt before you take any further lending.

Try the debt free wanabee Forum as suggested above.

tepot

So i have sold my house and i have been rejected twice for a mortgage. we entered in to an iva 7 years ago, discharged for 20 months. my credit score is taking forever to get to good with equifax however is excellent with experian???? how are the 2 so far apart.

Anyway this mortgage has a put in an application for us to halifax and i dont feel confident about it as it is such a big bank. what are the chances of getting took on.?? mine and my hubby score is 362(poor) however been no credit issues in the last 29 months.

please help give me some advise on what to do as i dont want to full out on the family that is buying our home.

[Deleted User]

Don't worry about the pretend scores. They're not a factor in lending which is why they don't make any sense.

Are you using a broker? If so, are they experienced in adverse credit?

[Deleted User]

tepot wrote: »

my credit score is taking forever to get to good with equifax however is excellent with experian???? how are the 2 so far apart.

They are trying to get you to sign up to some sort of paid service with the promise of helping you improve your made up credit score. Just ignore it.

Halifax are a good lender for adverse and very rarely go back on an initial DIP that has been done. If it passed at AIP there is a very good chance it will pass at application (assuming the advisor has done their job properly and input the data correctly)

tepot

i have been using L and C ? i know they are a big company but not sure if the specialise in adverse credit. thanks for the reply

[Deleted User]

L&C are rarely a good choice, and definitely not for you. They specialise in mass market generic cases.

Bin them and engage a real broker.

stressedmummy2019

I don’t know if there is anyone that could help me but I have literally not slept in days due to my dilemma. Myself and partner have been saving for years to buy our 1st property. We have recently received an aip through Halifax via a mortgage broker. They came back and said we would need a 10% deposit. 1 wageslip each. 1 form of id. Nothing else for full application.  We were honest and I advised I had a settled default from 2015 for £333 from a phone company . My partners credit is perfect. 2 days ago I downloaded my Experian report and nearly had a heart attack. Aswell as the Default from 2015 there is another default for my water company from 2016 for £1300. This was settled in 2018 ( I was on a payment plan and did not realise a default had even been issued) Equifax nor credit call hold this second default ONLY Experian. I have contacted my mortgage broker who had tried to calm me down and said when we do the full application this Tuesday he doesn’t think there will be a problem as this second default would have flagged up on the aip. I on the other hand as stated have not had a full nights sleep in days and it is making me very ill. What I need to know is, would Halifax decline for these 2 combine defaults with the total being £1633? Or are they already aware?? The soft check has recorded on Experian so they must have seen these defaults? It is not showing on Equifax which only holds the one. Is there anyone that can put my mind to rest please? I’m absolutely desperate as we have put the offer on the house and my children are so excited. I feel a failure if I let them down.