Halifax 5% deposit

RebeccaD_2

Hi all,

Myself and my partner are in the process of a mortgage application with halifax with a 5% deposit. House price is £145,000 and we have a 5% deposit. Agreement in principle was issued and now full application is underway. Our combined income is £54,000. We have Outstanding credit card debt of £700 (partners is 600 mine is 100). I have two defaults which were settled August last year (totalling £950). One is from 2014 the other is from 2013.

I was just wondering if anyone has been in a similar situation as I know a 5% deposit is unfavourable, also with defaults I imagine it’s going to be more difficult 🙁.

I bank with Halifax and have had my paycheck regularly going into my account for 4 years, but know this probably doesn’t make a difference. We also have a joint account with halifax and a saving account which have never been in overdraft and have always had a steady or growing amount in. My partner had been in his overdraft with his bank previously.

Thanks in advance for any input 🙂

foxy-stoat

You just had to wait and see what they say. If you get a decline then wait and save up another 5%.

kingstreet

If the application has been submitted and the valuation fee paid, you have been accepted. No fee is taken on a decline.

Your documents simply have to stack up with the application data.

RebeccaD_2

Thanks for the replies. A fee of £200 pounds to Halifax (mortgage fee) is now appearing in my pending transactions? Are we still likely to be rejected or is this a good sign? Thanks 😁