Halifax Mortgage Application Worries

Rockape82

Have recently had an offer accepted on a house, the offer was for £438000, my wife and I have already got a decision in principle through Halifax for £350999, we currently have a £95000 deposit with a further £15000 in savings. My monthly wages after tax is £3000 and my wife's £2100. My wife has perfect credit rating with her debt being a credit card with £500 on it. Myself on the other hand has a poor credit rating (Experian score 714) My credit rating has been slowly repairing itself over the last 6 years, I had 3 defaults when we applied for the DIP and my score at the time was 539, 2 of the defaults came off a month after the DIP and my score climbed to 714, I have one remaining default which is due off in 5 months. In addition I have made no applications for credit in last 6 months, I have no payday loans and I haven't missed any payments in the last 6 months or beyond. With regards to debt, I have car finance of £200pm and general utilities, so I have a considerable amount of disposable income as does my wife.

My concern is that the checks for the DIP aren't as thorough and that I will get rejected at the main application stage because of my poor credit score, has anyone had a similar experience or has an understanding of how Halifax underwriters will view my application. As far as I'm aware from searching about Halifax grade each application? Just feel so close to getting the house of our dreams and don't want to fall at the last hurdle.

Cheers guys

Lilla_D

Most of the lenders couldn't care less what your Experian or Equifax credit score was. They do their own scoring based on the actual case details. (Except for a few lenders, who don't score - Halifax does)

As long as you declared everything correctly for the DIP, meet criteria and the property is acceptable for them (subject to valuer's comments), you should be fine. There is not enough detail above to confirm that you will be fine, but then again, we can't expect you to supply here payslips, credit files, property details, etc. for everyone's disposal...

Halifax is normally quick, so you'll know soon enough if the full application was successful. Good luck!

Rockape82

Lilla D thank you for your response much appreciated. Kind Regards