Halifax AIP - how likely to honor the amount?

jd0963

Hi, just wondering if anyone has experienced anything similar.
Myself and my partner put an offer on a house last week at 525k and found out today it was accepted which is great. We already have our AIP with Halifax at 494k and we have a 44k deposit (which means we wouldn't actually need to borrow the full 494k amount)

I am now anxious that for whatever reason, the actual offer will be much lower than the AIP. We both earn 110k combined and have no concerning factors on credit report in the last 6 years (no missed payments, only 2k debt combined on credit cards)

I am concerned however that my partner had a payday loan back in 2015 which is still appearing on the credit report - it was paid off straight away but I am worried the lender might see this and decline the mortgage (despite it being almost 6 years old)

Also, I make a regular £1 payment to Lowell (debt collection) a month for an old debt from 2008 which was passed to them. This isn't on my credit file however I just pay it to keep them off my back as the debt was over 10 years ago when I was much younger and stupid I am concerned the underwriter might question this after looking at bank statements and want full details as to how much I owe etc etc..

Do you think the above 2 factors could harm our mortgage application? I heard Halifax were one of the more sensible lenders and was hoping they wouldn't care too much about them considering how well we keep our current accounts up to date etc.

Appreciate any advice!

K_S

@jd0963 Assuming you've keyed in the DIP correctly, there's nothing obvious in your post which suggests that Halifax won't lend what you need. They don't usually ask for bank statements as part of standard packaging (which isn't to say that they won't ask it for your case).

I don't know what direct DIPs look like but broker DIPs will list under 'Next Steps' what documentation is needed for a full application. For example -

Provide the last 3 monthly payslips or the last 6 weekly payslips for: Applicant 1

Provide the last monthly payslip or last 2 weekly payslips for: Applicant 2

RelievedSheff

Halifax didn't even ask to look at our bank statements. They literally just wanted both of our latest payslips.

Just go through the application and make sure that you key in everything correctly that it asks for.

ThisnotThat

jd0963 said:

Hi, just wondering if anyone has experienced anything similar.
Myself and my partner put an offer on a house last week at 525k and found out today it was accepted which is great. We already have our AIP with Halifax at 494k and we have a 44k deposit (which means we wouldn't actually need to borrow the full 494k amount)

I am now anxious that for whatever reason, the actual offer will be much lower than the AIP. We both earn 110k combined and have no concerning factors on credit report in the last 6 years (no missed payments, only 2k debt combined on credit cards)

I am concerned however that my partner had a payday loan back in 2015 which is still appearing on the credit report - it was paid off straight away but I am worried the lender might see this and decline the mortgage (despite it being almost 6 years old)

Also, I make a regular £1 payment to Lowell (debt collection) a month for an old debt from 2008 which was passed to them. This isn't on my credit file however I just pay it to keep them off my back as the debt was over 10 years ago when I was much younger and stupid I am concerned the underwriter might question this after looking at bank statements and want full details as to how much I owe etc etc..

Do you think the above 2 factors could harm our mortgage application? I heard Halifax were one of the more sensible lenders and was hoping they wouldn't care too much about them considering how well we keep our current accounts up to date etc.

Appreciate any advice!

If they've asked about any debts you have (and they almost certainly will) then you need to declare this.  Just because it's not on your credit files doesn't mean you can pretend it doesn't exist.