Mortgage declined by bank Halifax ?
So if you have been turned down by Halifax – follow their own advice and talk to us !
seriously though its great to hear that we are regarded so highly by some of the major banks, so much so that they actually send you to talk to us – really appreciate their referrals.
Halifax currently( for the last few years ) have a clear policy that it will no longer accept people with what they determine as unacceptable bad credit history.
Halifax are a GOOD bank, they are NOT persecuting you as a customer, so please do not hold anything against them, in fact after a few years with an alternative mortgage company we would look to get you back with Halifax for their mortgages as they do offer fantastic rates and deal. Halifax would dearly love to keep your banking business and it pays to stay with your current bank , no matter how upset you might be with them, please understand they have to compete in a high street that is mainly driven by rate and fast processing requirements, which 80% of their customers will easily meet.
Mortgage declined by bank Halifax ?
Clearly that fact that Halifax turn down people like yourself as loyal clients who have been with them for years – might seem very hurtful, But Halifax are NOT doing this to you PERSONALLY, they have a corporate mandate to slowly clear their mortgage books of less than clean credit history people, and to certainly not lend to anyone who has had bad credit at the levels of a discharged IVA or discharged bankruptcy before.
Credit scoring vs credit searching ?
Many of the high street banks use credit scoring systems, this helps them process cases very quickly, as a computerised system checks credit scores and various other factors such as loan to value and income and affordability and processes a risk level that either the banks will accept or in some cases decline.
The advantage of credit scoring systems, is they are fast and also low cost in terms of operating, as the high street banks aren’t paying for hundreds of staff to manually review cases. So in a rate driven high street where rate is all that clients are interested in, it pays to have fast services at the lowest cost. So that’s what the high street bank do, they deliver what the vast majority of people want , really great service and at the lowest possible cost to you the customer.
The problem is ….
about 20% of people don’t fit into the ‘one size fits all category’ and as such find that the high street banks may well decline them for what might seem to you as individuals silly or irrelevant things.
I have seen a high street bank turn down a £450,000 mortgage, as the client had missed one months £56 credit card payment in the last 12 months – as they were overseas at the time.
Mortgage declined by bank Halifax ? other reasons
Equally the credit crunch of old, is still evident and banks are still repairing the balance sheets and trying to ensure they meet the strength tests the UK government want them to have to ensure they don’t fold. Different banks have different ways of handling their slow cleansing processes, but please do not think badly of Halifax – they are a good bank but have to meet regulators requirements to ‘get their house in order’ and this is just one of several policies they have adopted to try and bring the bank back in line with what the regulators and world at large want to see in a bank – a strong financial institution – I am sure if you bank with Halifax that you would agree – you want to know your money is safe right ?! exactly, so they’re just doing their job
IVA Mortgage declined by bank Halifax ?
Previous IVA Mortgages — if you have cleared your IVA in the past few days, months or years, and need a mortgage after an IVA then we can find lenders who are increasingly willing to offer you a previous iva mortgage. IVA companies don’t make it clear that even when you have completed your previous IVA, your credit file is still badly tarnished in most lenders eyes and getting a mortgage after an IVA can be difficult.. We can help you through the detailed criteria lenders have and find those willing to offer great mortgage rates to people with a previous iva mortgage.
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