Halifax mortgage decline - huh?!

K_S

phoenix9 said:

K_S said:

@phoenix9 On its own, the Halifax hard-check from a few months ago is very very unlikely to have caused you to move from an accept to a decline on the credit-score.

It could be due to a combination of the following -
- change in address
- change in status from homeowner to tenant
- change in the Halifax credit-scoring algorithm making it stricter at whatever LTV it is that you are applying at
- slight changes in your credit history (just a guess)

Unless there is some reason/need for wanting to stick with Halifax, you may as well look at the whole market and find a lender that will lend what you need, good luck! 

The possibility of recovering the ERCs I had to pay out when redeeming the old mortgage would be the biggest incentive to stick with them - so I

@phoenix9 Well, depending on the size of the ERC that's incentive enough to stay with Halifax.

If you have gone direct, it may be worth trying a Halifax DIP through a broker as well as the credit scoring can be slightly different (or vice-versa if the DIP decline has happened through a broker).

Plus the broker might be able to tweak certain variables (eg: debt remaining on completion) to see if there's any legitimate way to make it cross the credit-score threshold, that you can live with.

There's no need to incur a broker fee, plenty of fee-free brokers recommended on the MSE guidance here
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

phoenix9

K_S said:

phoenix9 said:

K_S said:

@phoenix9 On its own, the Halifax hard-check from a few months ago is very very unlikely to have caused you to move from an accept to a decline on the credit-score.

It could be due to a combination of the following -
- change in address
- change in status from homeowner to tenant
- change in the Halifax credit-scoring algorithm making it stricter at whatever LTV it is that you are applying at
- slight changes in your credit history (just a guess)

Unless there is some reason/need for wanting to stick with Halifax, you may as well look at the whole market and find a lender that will lend what you need, good luck! 

The possibility of recovering the ERCs I had to pay out when redeeming the old mortgage would be the biggest incentive to stick with them - so I

@phoenix9 Well, depending on the size of the ERC that's incentive enough to stay with Halifax.

If you have gone direct, it may be worth trying a Halifax DIP through a broker as well as the credit scoring can be slightly different (or vice-versa if the DIP decline has happened through a broker).

Plus the broker might be able to tweak certain variables (eg: debt remaining on completion) to see if there's any legitimate way to make it cross the credit-score threshold, that you can live with.
Thank you - it is via a broker who’s been a bit light on information about where to go from here but has asked for a copy of my credit reports to analyse them. 

I noticed that Halifax performed hard searches today, in the same way they did when the full application was submitted and when they were asked to extend the offer - seems a bit overkill for a DIP?

K_S

phoenix9 said:

K_S said:

phoenix9 said:

K_S said:

@phoenix9 On its own, the Halifax hard-check from a few months ago is very very unlikely to have caused you to move from an accept to a decline on the credit-score.

It could be due to a combination of the following -
- change in address
- change in status from homeowner to tenant
- change in the Halifax credit-scoring algorithm making it stricter at whatever LTV it is that you are applying at
- slight changes in your credit history (just a guess)

Unless there is some reason/need for wanting to stick with Halifax, you may as well look at the whole market and find a lender that will lend what you need, good luck! 

The possibility of recovering the ERCs I had to pay out when redeeming the old mortgage would be the biggest incentive to stick with them - so I

@phoenix9 Well, depending on the size of the ERC that's incentive enough to stay with Halifax.

If you have gone direct, it may be worth trying a Halifax DIP through a broker as well as the credit scoring can be slightly different (or vice-versa if the DIP decline has happened through a broker).

Plus the broker might be able to tweak certain variables (eg: debt remaining on completion) to see if there's any legitimate way to make it cross the credit-score threshold, that you can live with.
Thank you - it is via a broker who’s been a bit light on information about where to go from here but has asked for a copy of my credit reports to analyse them. 

I noticed that Halifax performed hard searches today, in the same way they did when the full application was submitted and when they were asked to extend the offer - seems a bit overkill for a DIP?

@phoenix9 I'm not sure if it's different direct but for intermediary apps -

- there is definitely no scenario in which a DIP involves a hard-footprint credit check

- to 'extend' an offer is usually very straightforward, I pick a new (current) product on the system, Halifax re-does the credit-score (may or may not involve a soft-footprint credit check) and the new offer is re-issued with the new product's expiry (complete-by date for Halifax) date. 

phoenix9

It is via a broker. 

The string of searches today look identical to those that were carried out in March when my offer was extended (hard searches) and when the original full application was made in November. 

Properly confused now!

phoenix9

Having now had another chat with the broker it seems the hard searches were caused by trying to reinstate the previous offer after the DIP has been declined, under advice from Halifax themselves. 

Looks like for now they’re out of the running as a suitable lender. Still can’t get much of an answer on why I’m suddenly considered to be such a risk but the best guess from the broker is that it’s a combination of recently moving house, not everything on my credit file being fully updated address wise and requesting a DIP for a larger loan than previously (was previously looking at a £360k mortgage, now £500k - but my previous DIP was for £750k!)

He’s going to come back to me with other options next week.

[Deleted User]

The environment is changing fast, people will nee to pay more for services etc. They may be taking into account this fact more importantly now. I am not sure I would get the mortgage I did four months ago if I tried now.