Halifax Mortgage Application/Credit Report

ms1971

Morning Folks,
First post after recently coming across this forum and great advice to be found from all contributors so thanks for that.
Looking for a bit of advice/peace of mind with regards our Mortgage Application which we submitted yesterday through a Mortgage Advisor with Halifax for a new Self Build we hope to go ahead with in late Spring this year.
I'm a bit worried with 2 issues on my Credit Report. After being made redundant in 2011 I missed 1 x payment on my mortgage and struggled to repay/catch up with this over the following year finally getting up to date in July 2012.
I also have approx. 15 Pay Day Loans during 2012-14 all for small amounts and paid back on time with no issues believing at the time this would help my Credit Rating!


My wife and I both have Excellent/Good credit scores with all 3 main Credit Agencies and no debt at all.
We have bought the plot (£100k) and have £20k to start build.
Our combined income is £65k per year and looking for a max mortgage of £120k.


Do you think my concerns with my credit history with regards the mortgage application are relevant or am I worrying about nothing?


Thanks for any advice in advance.


Cheers :-)

foxy-stoat

The only advice or piece of mind would be to wait for your mortgage advisor to come back to you.


If Halifax doesn't agree to lend then try a broker.

ms1971

Hi there, just a wee update for anyone in a similar situation.
We received a DIP from Halifax in April, agreed to lend £295k which was more than double what we were asking for! I had reservations about previous Pay Day Loans as mentioned in initial post, was assured by Halifax that as I hadn't had one in past 6 months this would not be an issue...I phoned 3 times to settle my mind and was told same info by different employees. No other debt at all and both excellent credit scores.


Received planning/warrant permission etc and went back to Halifax with full mortgage application, underwrite came back to say number of Pay Day Loans were an issue and he recommended 'refusal'. They did soft search initially then hard search when full application submitted. I was gutted to say the least and furious with Halifax for coming back with this decision so late in the day, we were ready to start build week after application went in.


Just shows you be very careful going ahead with plans on a DIP from Halifax!


Going ahead with Buildloan now (Newcastle Building Society), everything seems to be progressing smoothly and have used a Mortgage Broker but still a nervous wait!

Ahobbyaweek

I have had the same issue. Broker said he had discussed previous payday loans and that was why they issues the AIP.
Then full application goes to underwriters and they decline.
So annoyed as I have found out he has since applied to Santander as well so two declines.
Now he said there is one more company he can try before giving up. Pretty stressed.