Do you want to know your credit rating before applying for a loan, credit card, overdraft or mortgage? Credit reference agencies, such as Equifax and Experian, have rating systems that classify 600 scores as fair. Your relationship between income and debt, job, regularity of income, age and type of property you are trying to mortgage will also affect your chances of acceptance. Halifax does not specify a number that must be yours for approval, but evaluates each case on an individual basis. All customers must make a minimum personal deposit for the property corresponding to their individual credit rating, product or plan.
No element of this deposit should be represented by a personal loan. Halifax accepts several types of construction that are classified as “non-standard”, such as 100% wood construction and global block construction. However, if unrepaired precast reinforced concrete is identified during surveys, the mortgage application could be rejected. The “Amount of Each Installment” section of the mortgage illustration establishes a first payment, assuming that the mortgage is completed on the 1st of the following month.
Halifax states on its own website that a typical mortgage application with them can take up to three months. Mortgage interest rates for products with commission can be significantly lower than the interest rates for products without product commission. Halifax is likely to reject your mortgage application if the income you declare comes from gambling, but there are specialized lenders that offer tailor-made mortgages for professional players. Halifax mortgage prices are sometimes the most competitive in the market, but they're not looking to win business just because of the price.
Halifax doesn't want you to make this decision without proper advice, so they offer the lowest interest products only through approved and regulated mortgage brokers, such as A Mortgage Now. With the exception of products for first-time buyers since Halifax has recently returned to the market, the lender usually offers residential mortgages with a maximum loan-to-value ratio (LTV) of 85%, meaning you'll need a mortgage deposit of at least 15%. The maximum age at the end of the mortgage term is 80 years for all amortization mortgages and 70 if any part of the mortgage is based solely on interest. Mortgage counselors can provide you with guidance on which mortgage provider may be best for your circumstances.
For product transfer (PT) and subsequent advance (FA) requests for First Homes mortgages, see the Mortgage Enquiry product finder to see the available products. In addition, the maximum age a borrower can have at the end of the mortgage term is 80 years (70 if any part of the mortgage is based solely on interest), which means that they will have to be 40 years old (or 30 with interest only) to benefit from the full possible term.