Halifax declined my mortgage

MaryNB

london21 said:

Sj141 said:

london21 said:

Get a broker and try another bank.

Thank you for your advice. This was my second application. I am really worried that it will adversely affect my credit score if I try another lender.

What happend with your first application? 

https://forums.moneysavingexpert.com/discussion/6304297/5-times-mortgage-with-aldermore

Sj141 said:

london21 said:

Get a broker and try another bank.

Thank you for your advice. This was my second application. I am really worried that it will adversely affect my credit score if I try another lender.

Your credit score doesn't matter, a lender won't see it. They will see the 2 hard searches on your file and assess that themselves, they won't rely on the credit rating agencies assessment. 


Is there anything on your partner's 3 credit reports that could be an issue? Any defaults, CCJs etc?

Sj141

london21 said:

Sj141 said:

london21 said:

Get a broker and try another bank.

Thank you for your advice. This was my second application. I am really worried that it will adversely affect my credit score if I try another lender.

What happend with your first application? 

It was with Nationwide (helping hand). They declined the application but no reason was given.

london21

You will need to know what is causing the decline to avoid making multiple applications with no success. Use the service of a broker. 

https://forums.moneysavingexpert.com/discussion/6304297/5-times-mortgage-with-aldermore

With a joined mortgage with your partner do not think lenders will lend 5 times income of the both of you. With joined application not usually x5.

 

You can try virgin money they seem flexible.

Sj141

london21 said:

You will need to know what is causing the decline to avoid making multiple applications with no success. Use the service of a broker. 

https://forums.moneysavingexpert.com/discussion/6304297/5-times-mortgage-with-aldermore

With a joined mortgage with your partner do not think lenders will lend 5 times income of the both of you. With joined application not usually x5.

 

You can try virgin money they seem flexible.

Thank you for your advice. Halifax has already done hard searches on all major credit bureaus. Our credit score has already dropped.

Thrugelmir

Perhaps it's the variable part of your income that's the issue. Appears to be a high %. 

MaryNB

Sj141 said:

london21 said:

You will need to know what is causing the decline to avoid making multiple applications with no success. Use the service of a broker. 

https://forums.moneysavingexpert.com/discussion/6304297/5-times-mortgage-with-aldermore

With a joined mortgage with your partner do not think lenders will lend 5 times income of the both of you. With joined application not usually x5.

 

You can try virgin money they seem flexible.

Thank you for your advice. Halifax has already done hard searches on all major credit bureaus. Our credit score has already dropped.

As I said above, your credit score doesn't matter. Halifax (or any other lender) doesn't see it. They look at the data on your credit file and do their own internal scoring that you aren't privvy to. 

Sj141

MaryNB said:

london21 said:

Sj141 said:

london21 said:

Get a broker and try another bank.

Thank you for your advice. This was my second application. I am really worried that it will adversely affect my credit score if I try another lender.

What happend with your first application? 

https://forums.moneysavingexpert.com/discussion/6304297/5-times-mortgage-with-aldermore

Sj141 said:

london21 said:

Get a broker and try another bank.

Thank you for your advice. This was my second application. I am really worried that it will adversely affect my credit score if I try another lender.

Your credit score doesn't matter, a lender won't see it. They will see the 2 hard searches on your file and assess that themselves, they won't rely on the credit rating agencies assessment. 


Is there anything on your partner's 3 credit reports that could be an issue? Any defaults, CCJs etc?

No, there is no default, CCJs or missed payment on my partner’s file. 

Sj141

I have recieved the National Hunter report and all mortgage lenders I applied for have reported to NH. All status are marked as clear. My worry is that, do all lenders report to NH or they just report if they have any suspicion with my application? 

I am currently looking for a cheaper property(below £380,000) with 25% deposit. Should I wait 6 months before making another application as there are already 3 hard foot prints on my credit report?

Pixie5740

Sj141 said:

I have recieved the National Hunter report and all mortgage lenders I applied for have reported to NH. All status are marked as clear. My worry is that, do all lenders report to NH or they just report if they have any suspicion with my application? 

I am currently looking for a cheaper property(below £380,000) with 25% deposit. Should I wait 6 months before making another application as there are already 3 hard foot prints on my credit report?

You should, as other posters have suggested, get a mortgage broker to help you. Do not make any more applications until you have engaged the services of a broker and do tell your broker about the two unsuccessful applications. 

Thrugelmir

Sj141 said:

I have recieved the National Hunter report and all mortgage lenders I applied for have reported to NH. All status are marked as clear. My worry is that, do all lenders report to NH or they just report if they have any suspicion with my application? 

NH is operated by Experian on behalf of lenders. While in competition for business. No one wants a bad debt.  Sharing of basic application data is not commercially sensitive. Comparing what is declared on different applications identifies those that are attempting to circumnavigate the system. Saves lenders wasting their time and money processing applications.