Halifax Mortgage Application

Mo87

Ok perfect

Thanks for your help

hoops77

If it helps I had 3 defaults and several payday loans on my credit history when I obtained a mortgage with the Halifax.
When it went to underwriters stage I offered a larger deposit.
Your bank statement needs to be squeaky clean and prove that you can afford the mortgage.
Good luck

Mo87

Hi,

Just found out when they apply for the Help to Buy Equity loan they carry out a credit check and affordability checks, anyone know how long this takes ?

When you say squeaky clean, can you elaborate ?

hoops77

No gambling transactions
Not to much social spending i.e. Takeaways, pubs, clubs etc
No dipping into overdrafts

Mo87

Thankfully Dont gamble etc.

Bank statements show my salary going in as well as other money e.g. I sell stuff on eBay for example (Haven't declared as another income as it is ad-hok). Expenses wise we do spend some on take always, and go bowling once a month or so but nothing much more than that.

Decided to pay off my partners CC, so she will only have her overdraft to pay which we can do before completion.

Mo87

Help to buy equity loan application completed, will submit tomorrow. Should hear back in 5 working days on this.

Time2go

This is interesting as we have more income than you and similar outgoings, Halifax were happy with our credit history (I have two ccjs due to drop off next year) but the max they would lend was £150k.

We are also looking at htb and broker said only option for us is precise

Mo87

HI, Have you now got a mortgage with Halifax ?

I was told by the aforementioned Precise was my only choice, something I noticed as did my new broker we couldn't see on the credit file search history any credit checks or soft searches which is odd.

Thanks

kingstreet

Mo87 wrote: »

Just found out when they apply for the Help to Buy Equity loan they carry out a credit check and affordability checks, anyone know how long this takes ?

No credit check and the broker should have done affordability on the HTB calculator before the PIF is submitted.

Turnaround is max four working days.

Mo87

I have the application for the the HTB and she seems positive about getting this over the line, only feedback was in some instances where an applicant has had some form of adverse credit history the lender can ask for a larger deposit, so she has given some heads up on this if we need to go down that route.

I have been sent the Mortgage illustration and she has proposed a 25 year term, Rate 1.26% fixed for 2 years, after which the APRC is 3.74%.
The broker has said take this, and before it goes up to go back to them and they will get me onto a better rate as by then my defaults etc. will have cleared from my credit file.

Does this sound okay ?