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Flynny1

Advice On This Mortage Situation

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Hi well about 2 years ago applied for first time buyer mortage with halifax all went well and accepted, at the time was having rows with family so took myself off elec roll and then had a chance to travel so mortage put on hold, now last week I re applied and at 1st failed I think due to me being off elec roll so I soon put myself back on as cool with family now and then I passed and they can offer me a mortage but they are saying they require a 25percent deposit as to 10percent, now this is out of my reach and the 1st deal was 10 and they even offer 5 percent, how and y can they do this, is there any other options and where's best for 1st time buyer please people give me some info on this thanks for reading

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They are lending the money to you, any bank can do what ever it wants. They can look for people who will deliberately pay back slower so they can make a larger profit as banks do with credit cards (the "headline rate is only offered to 51% of applicants to make it legal). Same with mortgages.

I would say the fact that you left the country for a while and came off the electoral roll and only came back on recently would send red flags to any automated credit reference agency.

Go and take a look at your credit rating on Experian (free for 30 days) and rectify anything that is wrong on there.

You could shop around at a building society who often have less stringent tests for loans.

Or you could take your application and raise it with the Financial Ombudsman after you have asked the bank why they preciously offered you a loan and subsequently rejected you when there was no change in your ability to pay. You need to wait at least 8 weeks for their final response before filling out a claim with the ombudsman.

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Thanks for reply, to add I did not leave the country and still work for same company so nothing has changed just I took myself off role, as stated had no trouble the 1st time and literally got excepted again once I put myself on it but they want 25 pre cent deposit

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Have you checked your credit rating?

No I have not as I have never missed a bill etc in my life and never been declined anything, as I said as soon as I put my name back on elec roll I got accepted, but can't get my head round how they are asking for a 25 percent deposit

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You've disappeared once so you could do it again. Off the Electoral roll for over a year (maybe two) and at least one recent address change does not indicate stability. Did you give your new address to bank, insurance etc, if so your credit score will have dipped a bit. If not and any of them were unable to communicate with you, your credit score could be more than a bit dipped.

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  • 404 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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