mortgage help needed

sassybooboos

my broker has applied to halifax for a mortgage but im scared we will be declined as bm our existing lender has declined us.

we only require £78000 which is less than 75%ltv

but i have a default on a personal loan although i have started a new payment arrangement with them.

i am panicking has everyone else in the chain is ready for completion and we are the only ones who arent ready as we are waiting for our halifax mortgage offer.

we have a credit score of b with halifax not sure what this means

spinko64

Hi

I understand it is a worrying time. The first question I would ask is have you been agreed in principle with the halifax. If so, there should be no reason to panic if the information was correct.

Try not to worry.

I am here to help if you require assistance

sassybooboos

we did have offer in principle.

this was worked out on my husbands wages his overtime and working tax credit.

im worried as working tax credit gets reviewed in april what if it goes down as they calculate that on what my husband has earnt this current year which he does earn a good overtime amount so may put us over their threshhold which means they will reduce our allowance.

also my husband only been with company for 3 months and his payslips not the best ones as the first one wasn't a full month, and third one he had week off sick.
will they just work it out as a average

spinko64

I am not an underwriter, but his salary is his salary regardless of his sickness. If they apply for an employers reference, then it will state his earnings.

Tax credits in the next financial year should not apply as a mortgage is based on earnings now.

I hope this helps.

sassybooboos

thanks for your help im just really panicking, as everyone is waiting for us so we can complete im feeling the pressure as i dont want to lose our buyers cause we lost some just before christmas.

im mega stressed thats why im still up at this godly hour.

do you know what the average time is for halifax to offer mortgage, valuation should be done this week.
we had delay cause bmidshires turned us down, but didny say why. strange as they are in same group as halifax perhaps its cause they are about to get a nice redemption penalty off us of £7500.

toonfish

I cannot believe that BM turned you down, and Halifax accepted - it's always been the other way round in my experience. Once the valuation has been done you should get the offer within a few days - they are pretty quick.

sassybooboos

my broker said he was shocked as well, which is making me panick as they have now took the money for valuation and if they turn us down we will lose that, can't afford to keep paying valuations then being turned down.

we did have a halifax mortgage about 5 yrs ago.

does anyone know if they take into account if you have been a good mortgage payer in the past. have never missed a mortgage payment in 8 yrs. the default on my personal loan was due to illness and i have now started a new payment plan with them to clear this.

it is so annoying as any loans etc will be cleared with sale of house. so only thing to pay will be my mortgage which will be £350 month cheaper than the one i have now.