Declined - Halifax

fizzgog

Hi, 
After any advice that maybe offered.
Applied with Halifax for a £100K mortgage on a property £125k.
Got an AIP for £100K over 12 years, fixed for 5 years. Combined income of £35K per year. They said we could make an offer on a property which we did and was accepted.
Explained we had debts to clear of approx £15k form CC's and a deposit of £25K form the sale of our apartment. Our current mortgage on it is £800 per month + £200 per month management fees & GR. No missed payments,no arrears on anything.
Submitted bank statements,wageslips etc. It went to the underwriters on wednesday & they rang me today to say it was declined, said credit scores were within there criteria it was just past credit history 6 years ago.
So, in desperation, Ive applied to Trussle who recommended a mortgage with Platform, same deal as Halifax. Ive also left details with Hayto MB's even though credit score are 'Excellent' & 'Fair'

Now we're passed ourselves wondering what to do. Go to a local Mortgage Brokers? Go with the Estates agents MB's

Personally, I'd like to rent for 6-12 months and pay everything off,accept new job with better salary as well but husband won't as scared we'll never be able to buy again, as well as lose the house we're wanting, not to mention the fees etc & solicitor costs for it.

Anyone been in a similar situation?

K_S

@fizzgog Based on the limited information on your post, the Halifax decline is probably down to the debt.

Halifax can sometimes treat debt commitments as ongoing even when the client has declared an intention to repay these prior to completion.

The Trussle broker has hopefully done their research and recommended the right product. Platform is taking very long even for super straightforward applications, I hope the broker warned you on service levels.

I'd just warn against going to multiple brokers at the same time as you don't want to be in the situation where different people are keying in DIPs for the same lender as small discrepancies can end up being flagged as "fraud".

Please do mention any DIPs, declines etc to your broker so they have the full picture.

fizzgog

Thanks K_S, advice appreciated, I did mention to Trussle regarding the decline.
Thankyou

ACG

Do the brokers at Habito know about the decline with Halifax? 

I am not going to say Platform will not accept you, but I can not think of many examples where Platform are more likely to lend to someone than Hailfax.