Can it be true? Mortgage - Halifax 85% Ltv

deedot27

Hello,
I need some advice. My partner and I are looking to buy a house. I am not a first time buyer but have no current homes or mortgages. 
We have been working with a broker who found us a AIP for 5years on 4.28%. He said this was the best we can get based on my partner having a default on his credit profile which has been paid off since 2018 and is about 5years old.

We approached a few other brokers who couldn't get us a better deal. Then my partner contacted one other broker (referred by a friend) who somehow got us an AIP for 2years fixed 2.46%. This is a much better deal but I'm wary that it might be too good to be true when 3 other brokers haven't been able to find it in their searches for us.

I'm concerned that if we put in a full mortgage application it might be declined, but the broker seems confident and comes highly recommended. 

Why was this broker able to find such a good deal?
Is Halifax understanding of paid up defaults?
Is it worth giving it a go?
Anyone dealt with Halifax recently that can advice?
Am I being ridiculous?
I just don't know. We've found the perfect home and our offer accepted so want to get things moving in a timely fashion. 

Any advice would be appreciated 

Thanks in advance 

pearsforlife

How much was the default for? You shouldn’t need to go to 4%+ rates if that’s your only adverse! Go with the broker who’s got you the best deal! 

getmore4less

Are you sure that 2y product Halifax do have a 2.46% 3y product at that rate with £999 fee.
The no fee is 2.68% 
 Your mortgage needs to be over  ~£162k on a 30y term to be worth paying the fee.

Check the 5y rate they are not too bad, although a 2/3 should get you under 80% next time..

getmore4less

just remembered this thread.
https://forums.moneysavingexpert.com/discussion/6177492/halifax-withdraw-2-year-fixed-fee-at-85#latest

[Deleted User]

Halifax don't have a set criteria on defaults so I've your overall scoring with them is good enough you can get through with a fair bit of adverse 

Halifax are often thought of as the largest adverse lender in the industry. 

So yes, your aip would most likely be valid

deedot27

Thank you everyone
I was just worried about putting in a full mortgage, getting a full credit search just for it not to be approved at that stage. We've done some shopping and talking to lots of different people. Decided on a good 2year 2.5% mortgage. Full application done so hopefully should hear something good soon.

Thanks for all the advice

ACG

We primarily do adverse credit mortgages. It is quite a specialist part of the market, but believe it or not on a small proportion of our customers end up with bad credit lenders. 

Some brokers see a default and think it needs a bad credit lender because to them it looks really bad as they are not used to seeing it. We have a different view in that a one of default is actually pretty good for most of what we see. My first instinct would be to try and get you normal rates, I think the brokers who are coming back at the 4% mark as the first thoughts are not the most experienced for what you need.