Halifax Mortgage Promise

Ian_Griffiths_Halifax

No problem, but let the vendors know your position that you won't know for sure for a week or so, and that you may be back soon if the mortgage goes through ok.

Incidently, if they find another buyer in the mean time and you get approved for a mortgage, all you'll need to do is find another and get another survey done. There are plenty of houses for sale.

opinions4u

MarieC5575 wrote: »

Hi Everyone

I just wondered if anyone could shed any light on what the benefit of getting a mortgage promise from the Halifax. We recently applied for a mortgage from HBOS and were issued with a mortgage promise which was subject to proof of income and the information we had supplied being correct. We were advised to find a property, put an offer in, have it surveyed etc. After doing all this and selling my own house (due to conclude really soon) we have found that our mortgage application isn't guaranteed and will have to be assessed by a processor before underwriting and that we won't necessarily get the mortgage. This has left us really stressed and worried. After speaking to HBOS call centres on several occasions and getting nowhere, I went into my local branch where a very nice mortgage advisor explained to me that our application passed the credit score as a C and this means that it is subject to a business file being put forward to underwriters.

Therefore my questions are: what is the point in the Halifax issuing mortgage promises when they aren't actually promising anything and why can't they issue the promise (in the case of C passes) with an advisory note stating that your application is subject to a successful business case being put forward. If I hadn't approached my local branch for more information, I would have been none the wiser. Can anyone help????

Moving is stressful and this is part of the stress.

The Mortgage Promise is valid subject to verifying everything that you have said. If amounts borrowed, size of deposit, proof of income etc are exactly as originally stated, they will lend to you.

If something changes from the original information, then they could change their lending decision - but will stick with it if everything stacks up ok.

All they are doing is checking that the information supplied at Promise stage stacks up - and not communicating too well with you.

MarieC5575

Moving is extremely stressful!!! I just think that the Halifax should have advised us that we passed the credit score with a C and that this means a case in our favour will have to be put forward. Why can't they look at all your staements etc before they tell you to have surveys done etc. Why not say "ok, you've found a property and had an offer accepted - we'll have to look over your case first before we offer you the loan". If this was done, there would be no need to enlist the services of solicitors and surveyors until the application was approved.

opinions4u

MarieC5575 wrote: »

Moving is extremely stressful!!! I just think that the Halifax should have advised us that we passed the credit score with a C and that this means a case in our favour will have to be put forward. Why can't they look at all your staements etc before they tell you to have surveys done etc. Why not say "ok, you've found a property and had an offer accepted - we'll have to look over your case first before we offer you the loan". If this was done, there would be no need to enlist the services of solicitors and surveyors until the application was approved.

While not an expert of the Scottish system, I don't think they can issue a legally binding mortgage offer without the surveyors and solicitors being involved.

MarieC5575

Still no further forward with this application despite being advised that we would have an answer by the end of last week.

Anyway I'm looking for a bit of advice and hope someone will help me. Since my last post my husband's parents have offered us a lump sum of money which would bring the mortgage down to 70%LTV from the original 90% we originally applied for. Can anyone advise the following:

1. Should we contact the Halifax and advise them of this before they have made a decision or wait until we have a decision and if it's no then use this to appeal (do they ever change their decision on appeal?)

2. Either way, is this money likely to make any difference to our application?

Also, we are considering using Birmingham Midshires but are unsure if they give out mortgages for timber houses. I have been advised that they are part of the Halifax group (one of the few lenders who will mortgage a timber house). I have been advised that you cannot contact BM directly and require a IFA but don't want to approach someone until I know if it's a yes or not.

Ian_Griffiths_Halifax

I would go back to the Halifax and advise them of the bigger deposit. This will effect the Loan to Value Ratio (LTV) substantially and could make the difference between an Acceptance and a Decline (though I think this would be unlikely anyway).

Good Luck.