Halifax Mortgage - advice!

HopefulBuyer

Hi everyone,

I'm new here but have been reading through some posts trying to get some reassurance/clarity.

We've reserved a new build Persimmon home, using the home change process. I actually managed to sell our house before it went on the market! Before we reserved, we spoke to the Mortgage Advice Bureau and we have a DIP with Halifax. We've submitted the full application and the hard searches have been added to our credit reports.

I'm now panicking incase it comes back rejected! We've paid the valuation fee and it's come out of my account, is that a good sign?

Back story is our credit reports are now marked as excellent (992 and 969 on Experian) but in the past we had a DMP with StepChange. That's all finished now, nothing was ever late paid, we just over extended ourselves when my husband had to take a drop in wage, this was way back in 2009 or there abouts. There's been no CCJ's or anything like that, we're on the electoral roll too.

I guess I'm just looking for reassurance that all is not lost and that we're still likely to get this mortgage?

Thanks

HopefulBuyer

I should also say, the DMP is no longer on my credit rating.

NewShadow

HopefulBuyer wrote: »

Hi everyone,

I'm new here but have been reading through some posts trying to get some reassurance/clarity.

We've reserved a new build Persimmon home, using the home change process. I actually managed to sell our house before it went on the market! Before we reserved, we spoke to the Mortgage Advice Bureau and we have a DIP with Halifax. We've submitted the full application and the hard searches have been added to our credit reports.

I'm now panicking incase it comes back rejected! We've paid the valuation fee and it's come out of my account, is that a good sign?

Back story is our credit reports are now marked as excellent (992 and 969 on Experian) but in the past we had a DMP with StepChange. That's all finished now, nothing was ever late paid, we just over extended ourselves when my husband had to take a drop in wage, this was way back in 2009 or there abouts. There's been no CCJ's or anything like that, we're on the electoral roll too.

I guess I'm just looking for reassurance that all is not lost and that we're still likely to get this mortgage?

Thanks

If it's not on your credit reports - ignore the score, it's meaningless, but do check all three agencies using the free access - then it won't be visible to the lender.

The only time I think a late payment or payment plan would be visible would be if you then closed the account - IIRC closed accounts stay on your record for 6 years after they've closed so can contain 12 years of details.

That said - I've had a couple of defaults in 2014, so within 6 years - and my independent broker isn't concerned about an application to Halfiax...

My broker wanted to be sure I could reasonably explain what happened to cause the issues: breakdown of relationship/separation combined with at the time low salary and insecure housing.

What's key is that my record since then has been good/responsible and I'm not in that situation anymore - combined with a decent deposit.

So, if he's not worried about me - you should be laughing :rotfl:

HopefulBuyer

Which credit agencies would you recommend? Last time we tried, we were rejected at the DIP, the broker had a look at both our credit files, full reports, and said it could have been rejected because of a default on my husbands account from years ago, it was a current account apparently but I have no recollection, it was all dealt with in the DMP. I'm sure that started either september 2008 or 2009. It's an absolute minefield. I answered all the questions I've been asked and the broker seems quite positive but it's always such a stressful time!

NewShadow

There are three main credit reference agencies - and you can get the reports from all three of them for free :money:

Transunion is via https://www.creditkarma.co.uk
Experian is via https://clubs.moneysavingexpert.com/creditclub/login
[STRIKE]the other one who's name I always forget...[/STRIKE] Equifax is via https://www.clearscore.com

Different lenders get info from different agencies - and even if they as standard use one, they can decide to manually check a different one if something feels 'off'...

My broker was quite focused on Experian so I'd guess Halifax leans that way?

HopefulBuyer

Thanks very much. I can't get access to my full Experian credit report for free because I used the free trial last year when the broker requested to see them to try and figure out why the original DIP had been refused. I've checked Clear Score, Credit Karma and Equifax aswell. That says it's been 43 months since any serious problems? God only knows, I guess I need to just sit tight and wait for the broker to do his job )and also pray, praying is good lol)

NewShadow

HopefulBuyer wrote: »

Thanks very much. I can't get access to my full Experian credit report for free because I used the free trial last year when the broker requested to see them to try and figure out why the original DIP had been refused. I've checked Clear Score, Credit Karma and Equifax aswell. That says it's been 43 months since any serious problems? God only knows, I guess I need to just sit tight and wait for the broker to do his job )and also pray, praying is good lol)

You can access it for free via the MSE link even if you've used the free trial on the official site :cool:

It's displayed a little differently but all the info is there.

Equifax and clearscore are the same report.

HopefulBuyer

Oooh that's good to know! Thank you!

Thrugelmir

Was the Halifax party to the DMP?

HopefulBuyer

No not at all, I've never used Halifax for anything actually, it was the broker who recommended Halifax.

HopefulBuyer

So I've just spoken to my MB with an update.

Halifax have asked for another letter from my employer addressed directly to them, so I've asked my employer for that and he said it's not a problem. The other thing they wanted was a gifted deposit letter as the deposit is coming from my mother in law. That's also no problem, she will fill it out tonight. I asked about all the other stuff and they said everything else has passed fine so as soon as these other things are sent back, they'll instruct the valuation.

I'm a person that goes straight to the worst case scenario so I'm still going to hope and pray but it's all sounding fairly positive!