Please Help - Morgage Offer Withdrawn

Charliebros

I really hope someone can help me. My partner and I had an formal written morgage offer from the Halifax and we are due to move into our new build house on Friday. Yesterday we recieved a phonecall from the Halifax, we were due to exchange contracts yesterday, saying that the morgage offer had been withdrawn and had we lent any more money?? We have not lent any money and our cirumstances have not changed at all. We have excellent credit rating and are putting down over £45K deposit on the new house. We have had the written offer and NOBODY can explain a reason for why this has happened just computer says no!! We have packed up our house, cancelled our utilties and have a 4 year old son with 2 weeks until Christmas. We are devasted and do not know what to do! The Halifax morgage advisor is at a loss and cannot give us any answers, he has lodged a formal complaint and our only hope is if head office overturn the decision. We stand to loose the solictors fees, valuation fees and£2.5k for work carried out on the house, how can they do this to us, 4 days befor ewe are due to move.?? The offer was recieved 3 weeks ago?? Can anyone give me any advice?

Bromley86

Speak to your solicitor. We're not talking about a little money here, so it'll be worth the fees.

Charliebros

I have spoken to the Solictor and they are saying the same to her, they cannot give a reason. We are due to have new carpets fitted in the new house at a cost of £3k tomorrow so think we will have to cancel these??

Ilian2008

Hiya, sorry to hear about this. Its a terribly stressful thing to go through. I think i read somewhere about a similar case where somebody with a similar name to an applicant had gone bankrupt or who had borrowed too much money and the computer mixed them up and couldnt see them as two different people.

These mortgage companies always reserve the right to withdraw right up until they hand the monies over.

best of luck

dunstonh

For a mortgage offer to be withdrawn that late in the process, especially after the contract had been issued, suggests either there is new information that has come to light which impacts on the lending decision or that they have changed their lending criteria and you are too far away from meeting that criteria now to allow the offer to continue.

How tight was the lending decision before?

Charliebros

We had absolutly no problem getting the morgage and in the the advisor actually said to us that he could gurantee that there would be no problems at all. Absolutely nothing has changed in the last 3 weeks since the offer was issued. Even they cannot give us a reason for this happening. We cannot believe we are going to loose the house at this stage and feel for the couple who are purchasing our property as they have bought furniture. Its just an awful situation...

latecomer

To be honest I would let the sale of your house go through no matter what given the current climate and deal with the problem of buying the house as a separate issue. If you lose the sale then it might cause you even more problems trying to find another buyer.

That said I think that mortgage providers should be legally bound to their offers unless your financial situation changes.

koexelek

Could it have anything to do with the fact that it was a newbuild ?

I was talking to a friend of mine the other day where one of his clients had their mortgage offer withdrawn, purely because they were buying a new build and the lender " did not fancy lending on a new property anymore ":eek:

As stated earlier though, they reserve the right to withdraw the offer any time they want.
Hardly treating customers fairly though. They should have made sure they were 100% happy before they offered it.

stagey_2

This is just dreadful - speak to your MP urgently -

Charliebros

Thanks for all your advice guys. The Halifax have now confirmed that they have withdrawn their offer and will not give us any reason for this. In desperation I have even checked our credit files and they are excellent with scores of 530. We have decided to apply for a mortgage with someone else and have just sent our credit files through to a broker. The buyers have said they are happy to hang on until we can get a mortgage. I am so disgusted in the way Halifax have treated us and will be in touch with our MP as advised. Thanks again, will keep you all posted xx

beecher

No wonder you're gutted - pretty poor from Halifax and makes no sense that they will give you no reason. Best of luck with getting a mortgage sorted out quickly.