Halifax Mortgage Success With Defaults

DavidCooks

Hi,

I've been following a number of threads regarding Halifax mortgages with adverse credit. I thought it may be helpful to other for me to post my experience. 

I have two defaults on my credit file. Both showing on Transunion however neither show on Equifax or Experian. The default dates are 10th June 2017 and 14th June 2017, one is 750 on a Barclay card and the other is 250 on a capital one card. Both are due to drop off my credit file within four months. Halifax did carry out soft and hard searches with all three credit reference agencies.

I am applying for a mortgage with my partner who has a clean credit rating. 

We have a joint income of 62K and are applying to borrow 252,999 including the fees.

25/01/2023 received mortgage promise /AIP

07/02/2023 offer accepted on house

09/02/2023 full mortgage application with Halifax in-house mortgage advisor including soft and hard credit checks

09/02/2023 requested 1 pay slip

10/02/2023 requested duly signed letter from employer stating pay rise as most recent payslip has annual leave showing 
15/02/2023 survey booked - Halifax level 2 survey
17/02/2023 above letter uploaded via portal

17/02/2023 survey complete valued at offer price

20/02/2023 mortgage offer received

Now we are just waiting for the conveyancing to complete, which I understand can take some time! 

Good luck to anyone else who has adverse credit and is looking to secure a mortgage, Halifax seems to be a more lenient lender and we have avoided paying a much higher interest rate with a sub prime lender.

Thaisparrow

That’s really good, congrats! I am looking at applying to Halifax shortly. I had a default from Feb 2017 which has now dropped off my credit report, I was waiting to do my AIP until this was no longer showing just in case. So it’s good to know that they are quite flexible. Did you declare the defaults at full application?

RelievedSheff

We found Halifax to be really good with our older adverse credit. At the time we applied we had 5.5 year old CCJ's on our credit files. We declared them at the time of the application.

The mortgage was approved within 3 days of application.

We got a good rate fixed for 5 years.

DavidCooks

Thaisparrow said:

That’s really good, congrats! I am looking at applying to Halifax shortly. I had a default from Feb 2017 which has now dropped off my credit report, I was waiting to do my AIP until this was no longer showing just in case. So it’s good to know that they are quite flexible. Did you declare the defaults at full application?

We did, we submitted our application via the in-house mortgage advisor. There was a question regarding adverse credit which I believe included ccj's and defaults, there was also a question regarding payment arrears. Once the mortgage advisor submits the application you will be credit checked and either pass, fail or it will be referred to the underwriters.