More Homebuy headaches. How petty?

hethmar

They MUST see sense surely - I really do wish you the best of luck sorting this nonsense out - may be a National Newspaper would be interested ??

Ian_Griffiths_Halifax

(Edited) Clarified at £194000

If Halifax are lending 85% of £194000, then their mortgage element should be £164900 and the Homebuys £29100 = Total £194000.

If Homebuy have the Purchase Price as £194000, then so long as the Halifax mortgage is £164900 or less (Halifax lend in multiples of £5), then it should be able to proceed so long as you make up the shortfall.

Simple!

If, however, Homebuy have the Purchase Price down as £194005 (which would be an odd purchase price and I'd have thought it would have been spotted well before now), then Halifax would still only lend £164900 (due to their £5 multiple policy) and you would need to provide the difference between Purchase Price - Halifax Mortgage + Homebuy. This WOULD need and and amended Offer Letter though as the figures must all be correct.

A bit of a delay would follow, as it would go back to Homebuy for them to review the amended offer letter and scratch their 4r$e while wondering 'What have I got this for'. But it should all go through.

(removed due to being irrelevent)

I think the biggest problem you have here is that Homebuy are going to want to see any amended offer letter if the Purchase Price is wrong. An amended offer letter can be received almost instantly from the Halifax, it's the bean counters who don't live in the real world at Homebuy who are going to cause you any problems here.

guppy

Northants_Simon wrote: »

If it falls through I will be out of pocket, the seller will be out of pocket and I'll be in breach of the contract regarding the completion date. All for five quid.

Maybe you can claim the costs from the FA (since it was his mistake according to your other post).

Northants_Simon

Ian_Griffiths_Halifax wrote: »

Simon, do the Homebuy people have your Purchase Price down as £164900 or £164905?

If Halifax are lending 85% of £164900, then their mortgage element should be £140165 and the Homebuys £24735 = Total £164900.

.

The purchase price is £194000. The Halifax are giving me an 85% mortgage, Homebuy are lending me 15%.

The problem was the Halifax sent paperwork to my solicitor saying the mortgage was £164895 and not £164900 as agreed with them.

I have now managed to speak to someone else at the Halifax who has agreed to change my mortgage to £164900. I thought this would be the end of the problem, but so far I haven't had word from Homebuy that I can continue. Every day someone else seems to deal with my case. This morning I received an email from the person who had been dealing with it saying my file has been passed to someone esle! So I now have to try and get hold of them (they never answer the phone) and see what they have to say.

Homebuy are fully aware that i have handed in notice on my rented house and have to move by the end of the month. I told them myself my wife and three children will be homeless if they don't allow the sale to go through as agreed. So far nothing from them. :mad:

Northants_Simon

guppy wrote: »

Maybe you can claim the costs from the FA (since it was his mistake according to your other post).

That might be difficult as the FA was in an estate agent which is no longer! They shut shop about two months ago.

Ian_Griffiths_Halifax

Northants_Simon wrote: »

The purchase price is £194000. The Halifax are giving me an 85% mortgage, Homebuy are lending me 15%.

The problem was the Halifax sent paperwork to my solicitor saying the mortgage was £164895 and not £164900 as agreed with them.

I have now managed to speak to someone else at the Halifax who has agreed to change my mortgage to £164900. I thought this would be the end of the problem, but so far I haven't had word from Homebuy that I can continue. Every day someone else seems to deal with my case. This morning I received an email from the person who had been dealing with it saying my file has been passed to someone esle! So I now have to try and get hold of them (they never answer the phone) and see what they have to say.

Homebuy are fully aware that i have handed in notice on my rented house and have to move by the end of the month. I told them myself my wife and three children will be homeless if they don't allow the sale to go through as agreed. So far nothing from them. :mad:

Sorry to add to the confusion.

I'll alter my original post to change the figures accordingly.

You seem to have done the right thing in getting the offier letter altered as the quickest option. Just keep on top of homebuy now.

guppy

Northants_Simon wrote: »

That might be difficult as the FA was in an estate agent which is no longer! They shut shop about two months ago.

If they've been negligent, this may not matter...they might still be personally responsible, and their insurance might cover it.

GDB2222

The purchase price is £194000. The Halifax are giving me an 85% mortgage, Homebuy are lending me 15%.

With house prices dropping like a stone, doesn't this mean that you will be in negative equity from day 1?

Why not just call your landlord and say that you've changed your mind? He probably is having kittens about finding a new tenant, anyway. Then pay your solicitor for the work he's done. Then give yourself a big cheer. Then check out the Rent to Homebuy scheme.

Not what you wanted to hear, I know, but ask yourself just why the estate agency has closed down.

Northants_Simon

It's all very well renting until things get better. But due to my age I'm running out of time. Already with every passing month I'm knocking time off my 25 year mortgage. The bank don't want to lend past retirement age.

I don't want to end up being 50 and still renting, I'll only have 15 years left to mortgage over.

Northants_Simon

Hopefully I have sorted this out now. The Homebuy agents finally phoned me. Apparantly you have to borrow as much as you can from the bank, which is why they won't allow me to borrow £5 less.

I'm sure Homebuy schemes will push some people into financial trouble, as instead of borrowing an amount you are comfortable with (say 3x income) you are expected to take the biggest loan the bank will give and then borrow more on top from Homebuy. That isn't what my FA told me at the start of the process, he just told me the scheme helps pay towards your deposit of between 15 to 50% purchase price.

I'm so far through the process that I'm going to continue with it. The bank have agreed to lend me an extra fiver at a cost of three pence a month. According to Homebuy there would be nothing stopping me paying off that extra £5 on my first months mortgage (I actually intend to overpay by the 10% allowed by Halifax without having to pay early repayment fees).