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AIP really low, any ideas?
malli79
Posts: 30 Forumite
Hi
I have done an app with Halifax and am really surprised at how low the value they can lend is, can anyone shed any light on why it might be?
Details are
Applicant 1 Fixed term contract, salary £38918, Child Benefit £1076. 2 credit cards cleared in full every month. Childcare costs £280 per month
Applicant 2 permanent employee, salary £16200 no credit commitments.
AIP is £129k and we need to borrow £230k so not even close! Is this a pipe dream that we could borrow what we need?
Thanks
I have done an app with Halifax and am really surprised at how low the value they can lend is, can anyone shed any light on why it might be?
Details are
Applicant 1 Fixed term contract, salary £38918, Child Benefit £1076. 2 credit cards cleared in full every month. Childcare costs £280 per month
Applicant 2 permanent employee, salary £16200 no credit commitments.
AIP is £129k and we need to borrow £230k so not even close! Is this a pipe dream that we could borrow what we need?
Thanks
0
Comments
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Their online calculator suggests you should be able to borrow much more.
How many children?0 -
Yes I checked the online call so was really surprised the aip was so low. Just 1 child0
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And personal loans/car loans?
Sounds like you need a broker.0 -
Are you sure you completed the application correctly?
How much per month on the cards?0 -
No loans or any other credit. Current card balances are £1202 and £1865 but I clear in full every month without fail. Yes definitely completed correctly, I actually did it twice as I thought I may have made an error the first time. I’m really worried now we may not be able to borrow enough.0
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Did you put the credit card payments as monthly commitments?
Why are the balances so high every month?0 -
The question said current balance and are they cleared in full every month to which I said yes. They aren’t always this high, I’ve paid for a holiday for a group of people and they have paid me and also Christmas has gone on there. I always pay in full though as use my cards for everything to get cash back.0
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Do you have existing accounts with LBG? Maybe they factor conduct on those/credit score into affordability?
Sounds very low though. I'd get a full copy of your credit file at whoever they searched (Experian??) and double check that's right/speak to a broker0 -
Got a mortgage?
Did you remember to enter it and tick the "to be repaid on completion" box?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes I do have a mortgage and no I didn’t include it so that could be it. Thank you for your help, I will try it again0
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