Our First Time Buyer Pledges
Earlier this year we carried out research to find out what first time buyers thought about the home buying process. The results showed that many potential first time buyers didn't know how their mortgage application would be assessed, they were worried about being declined, and generally didn't understand the mortgage process.
From the research it was clear that first time buyers wanted more support and information before and during the mortgage process - letting them know the criteria used by banks, guiding them through the maze of applications, and in the event that they are rejected, informing them why they've been rejected and what they can do to change this.
As a result, these are our First Time Buyer Pledges which show what first time buyers can expect from us and how we'll help them during the application process:
Pledge 1: We'll let you know the criteria we'll use to assess your application
- We consider affordability, your credit profile and our lending criteria for every mortgage application. This is all explained in our guide to the application process.
Pledge 2: We'll provide a personalised mortgage promise for how much we can lend you, without leaving a lasting record on your credit profile
- With our personalised Halifax Mortgage Promise, we can tell you how much we’ll lend you. The checks we make at this stage won’t leave a lasting record on your credit file or affect your credit score.
If you'd like to find out more, speak to one of our mortgage specialists:
By phone - Call us on 08458 50 37 05. (Mon to Fri 8am - 8pm, Sat 9am - 4pm)
Book an appointment - Talk face to face with a qualified mortgage specialist
Pledge 3: If your application is unsuccessful, we'll help you understand why
- We accept 8 out of 10 applications*, but if we’re not able to agree a mortgage for you we’ll always provide you with as much information as we can about why your application hasn’t been successful and provide guidance on where you can get extra help.
- To make sure you have all the information you need to improve your credit score, we've partnered with Credit Expert, the UK’s leading credit reference service.
*Based on internal Halifax application data from 02/01/2011 – 31/07/2011
To find out more about our partnership with Credit Expert, speak to your local Mortgage Specialist in branch
Pledge 4: Whether your application is successful or not, we will provide you with an action plan to move forward
- We’ll advise you on what you need to do to ensure your mortgage application goes through smoothly to help you through the home buying process. Whether your application is successful or not, your mortgage specialist will give you a checklist to guide you through the process and ensure you fully understand what the next steps are.
To find out more about our mortgage application checklists, speak to your local Mortgage Specialist in branch
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
