Halifax mortgage

cl9

hi guys, me and my partner are applying for a halifax mortgage. Our total salaries combined are £80,000 and both have good credit scores, with no missed payments. We are applying for a 15% deposit/85 LTV mortgage as FTB and the property price is £387,000. we were declined with nationwide due to overdraft usage, and DIP declined with Natwest (no explanation provided, but mortgage broker assumes because of the hard check done prev with Nationwide).

This has led to two hard checks on our credit record.
 we have now reapplied with Halifax and they only require one months payslip from each of us. our valuation has been booked in for the 15th, but i am extremely worried as the two hard checks have been carried out. Is this likely to cause a problem? I have checked my clearscore and it is down 65 points already and my score is around 400, and my partners is around 385. I’m just worried as we have been declined twice now and we did initially have a DIP with nationwide so got declined after application. I know times are difficult with covid but our finances are good and we can certainly afford the mortgage repayments ! 
Has anyone else been through a similar situation?

Thanks

Peter74

cl9 said:

hi guys, me and my partner are applying for a halifax mortgage. Our total salaries combined are £80,000 and both have good credit scores, with no missed payments. We are applying for a 15% deposit/85 LTV mortgage as FTB and the property price is £387,000. we were declined with nationwide due to overdraft usage, and DIP declined with Natwest (no explanation provided, but mortgage broker assumes because of the hard check done prev with Nationwide).

This has led to two hard checks on our credit record.
 we have now reapplied with Halifax and they only require one months payslip from each of us. our valuation has been booked in for the 15th, but i am extremely worried as the two hard checks have been carried out. Is this likely to cause a problem? I have checked my clearscore and it is down 65 points already and my score is around 400, and my partners is around 385. I’m just worried as we have been declined twice now and we did initially have a DIP with nationwide so got declined after application. I know times are difficult with covid but our finances are good and we can certainly afford the mortgage repayments ! 
Has anyone else been through a similar situation?

Thanks

The DIP should not have left a hard check.  Have you checked this?

cl9

Hi Peter, I have checked and yes Natwest do hard checks at DIP.  

cl9

Can anyone help me with this? I am so stressed I can’t sleep

PhilFTB

cl9 said:

Can anyone help me with this? I am so stressed I can’t sleep

How often do you go into your overdraft?

cl9

My partner dips into his overdraft monthly but never over the limit and it is always cleared. I never use my overdraft. We also have no debts

csgohan4

cl9 said:

My partner dips into his overdraft monthly but never over the limit and it is always cleared. I never use my overdraft. We also have no debts

using the overdraft everymonth is living hand to mouth and not a good sign for lenders, even if you send left over amount to a savings account, you shouldn't be using your over draft. 

Not enough info from OP to make a judgement why,

Debt/loans/ credit card balances
gross income
adverse credit history
CCJ's e.t.c

Credit scores are not used by lenders, they have their own criteria to score your applications