Nervous upcoming Halifax AIP

FTBbelle

Been lurking the forums trying to calm my nerves for weeks!

Our story is this.... (will try and stick to the facts!)

Partner owns a home (selling and using equity for deposit on new four bed)
New home £305k
10% deposit but offering 15% if we need to (trying to keep some equity if poss!)
Combined salary of £68.5k (actually £73k but I know they won’t accept all my 2nd job income)
My credit file is okay. Shows as excellent on Experian even though I have late payments from my student days and payday loans from 2017.

The problem seems to be my partners file. He has a CCJ from an unpaid parking ticket that he didn’t know about (ex was driving and hid the letters at the time) this was
2.5 years ago. He also has a default from an energy provider who sent inaccurate bills because the meter was broken (crazy amounts for a 1 bed house) which he didn’t pay because they were going to fix the meter... Never did, took months to get back to him and bills ended up defaulting 3 years ago. We are STILL trying to get the energy provider to write these off.

Broker got back to us today and said most places won’t consider us because of his credit. He already has a mortgage with Halifax and apparently they have said they’ll look on the application ‘sympathetically’ as he’s already an existing customer. Is this hopeful?

Does anyone have any experience/advice on a situation like this? Broker is going ahead with an AIP but I’m so nervous I’d love to hear if anyone has had success in a similar situation.

Thanks!

KatieDee

As far as I understand it, Halifax are one of the more leniant highstreet lenders, which is why they have a slightly higher interest rate than most.

I know it's easier said that done, but there is no point in worrying about it - I am sure that your broker would not have chosen a lender who you weren't eligible for on paper. You have some leeway with your deposit too, which is positive.

FTBbelle

Thanks! I know, patience is a virtue, it's such a waiting game, nothing to do but let the time pass! From what my partner told me our broker spoke to Halifax before deciding to apply for AIP to see if it would be worth doing. Fingers crossed the 'sympathy' they've offered is enough!

amnblog

The Broker is simply trying his luck with Halifax but flowering it up for effect. If won’t do you any damage even if Halifax do say no.

Sounds like there will be lending options whatever.

FTBbelle

I really hope so! Finding the perfect house and not knowing if we'll actually be able to buy it is so stressful!

FTBbelle

UPDATE

MB just called us to say the AIP has been accepted with a 15% deposit (he said he was surprised as he felt uncertain about it with the default/CCJ - great lol). So we are putting the full application in tomorrow, he said he still thinks there will be hurdles and is uncertain, (which makes me nervous as obviously this will be a hard credit check!). Anyone been in this position before? I know people ask ALL the time but hear very mixed things on the reliability of Halifax AIPs.

CraigSavage

My progress so far
Halifax AIP: 20th feb
Application sent: 2nd April
Valuation took place: 12th April
Mortgage offer today 25th April

Been a nice process with Halifax considering my self employed and only needed to supply 13 weeks of payslips

FTBbelle

Congrats on your offer! That's amazing! I bet you can't wait to move now :j

We both bank with Halifax and partner's current mortgage is with HFX too. That sounds pretty great for being self employed, I know sometimes it can be really tough! Did you have any adverse credit? We're so worried it will fail because of the default and CCJ!

CraigSavage

Because I sub contract of a company and they pay me tax Halifax class you a employed which is great
I was so worried too just in case something went wrong, we haven’t got any defaults or ccj but we’ve both got bank loans and our credit scores ain’t to good which I was worried about

I got told that Halifax don’t look too much into defaults and ccj

FTBbelle

So pleased for you! Really good that being SE didn't cause you any issues, I used to be SE too so know mortgages can be testing!

I've heard they are one of the more lenient high street lenders so i'm crossing my fingers, probably get no sleep this weekend haha!

Hutch100uk

My story was a little bit different. My ex and I got an AIP with the Halifax for a mortgage that was way less than our affordability.

However, after the full application they wouldn't give us the full amount because they wanted me to pay off my credit card (it was only £2k).

So, I didn't find them particularly lenient.

And my ex and I had NO late payments or adverse credit whatsoever.

Not sure how you can have an Excellent credit rating with late payments and payday loans!