Please Help - Morgage Offer Withdrawn

hearts

What do you mean "have you lent any more money"? If you mean borrowed, then this could be the reason. You have not fully disclosed and they have found a debt on your file which you did not declare.
Also what price is the house? You are putting down 45k but if this is less than 25% of purchase pirce this could also be the reason.
I would think that as they mentioned lent/borrowed money ( I find it strange you use lent if they said borrowed ) it is likely to be the former reason.

Hopper1975

Charliebros wrote: »

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 The Halifax have now confirmed that they have withdrawn their offer and will not give us any reason for this.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

This is quite shocking, if your credit file is in order, then I can only imagine that it's a case of mistaken identity in your credit history. In addition to raising it with your MP, I would also speak to the CAB and if needs be with the financial ombudsman. It might also be worth raising it with the "consumer champions" in the national press as they are usually quite good at sorting these things out e.g. http://www.guardian.co.uk/money/page/2007/sep/26/1

toinfinityandbeyond

omg that is awful, i really feel for you and cannot believe this can happen.
Not much advice i can give but i agree that let the sale happen and take your business elsewhere but claim every penny spent back if you can.
good luck x

Charliebros

Heart - Sorry lent / borrowed, I am not up with the financial jargon. They asked if we had taken out any loans within the last 3 weeks since the orginal mortgage offer was sent out, which which have absolutely NOT. We are putting down £45 k and the house is £185K. I have written to our MP this afternoon and will get in touch with the consumer champions. The fact they have taken money off us for the valuation is another kick in the teeth. Mind you the Halifax always like to give that little bit extra!! Shame on them!

Conrad

Charlie

The Halifax would not just withdraw an offer willy nilly. There is a reason, and to be frank you are the person best placed to know why.
Perhaps you ran a credit score for a loan you were considering or something.

Other lenders are fussier than Halifax as a rule, and will likely look into your case very deeply. Remember all those headlines in the Mail and the Sun that emplore lenders to start lending responsibly - well here you have the result.

Charliebros

You're right I am best placed to know and to be frank with you neither I nor my husband have applied for any loan at all and have absolutely nothing to hide. I believe that I am a more than reposnsible lender, having excellent credit scores, never being late or missed a payment on my current mortgage, so your advice is misplaced in my case. If there is a reason I have invited the Halifax to let me know this but they do not want to???? The fact that they have sent the mortgae deed to the Solictor and then retract their offer is WRONG in every sense and has nothing to do with responsible lending, it is just unfair pure and simple.

robin_banks

I tend to agree with previous poster, at this stage in the day it has to be something pretty major for a withdrawal of a mortgage loan.

It can only be based on 2 things;

1) The property - a new build you say ?, is it 'standard construction'. they might have amended thier lending criteria on such properties. Is it built on a flood plain, near a contiminated site, open cast coal mine.

2) Yourselves as borrowers - you state that you had a score of 530, this is actually a fairly poor score (typo ?) (not that these 'scores' mean much anyway), has anything in personal circumstances changed since the application commenced?.

Charliebros

According to Equifax anthing above 475+ is excellent so with a score of 530 that counts as excellent in my book? If it is to do with the propert which is new build then why will they not let us know?? We are not sure if it worth trying another lender or letting the sales and purchase fall through?

beecher

I agree it must be something major, but is it common for banks not to give a reason? You'd think at this stage in the game they'd have to come up with something concrete - who's to say it isn't just a mistake?

lopbri

For what it's worth, it seems something has shown up on your credit file in the last 3 weeks, get an update on your file(you can this online straight away), also you say you have not taken a loan out, but you mention spending a few thousand pounds on carpets etc, did you use a credit card? as this will show up as borrowing