Please Help - Morgage Offer Withdrawn

payless

Might help ( explain rather than get decision changed) if you tell us
Purchase price
Their valuation
Was builder offering anything at all as part of the transaction
( anything whether that be fixtures/fittings, equity share, deposit assiatance, mtg paid for Xmonths paying any fees or providing a part exchange , or anything else )

if so, were halifax aware of this at time of application/

Charliebros

Purchase Price was £185K valuation was £185, the only thing provided was the usual kitchen, bathroom, doors, nothing out of the ordinary. We have been completely open and honest throughout the process. I think that the only thing that can have happened is that they have changed their borrowing terms and withdrawn because of this which is so unfair. Their literature lists the issues that can cause them to withdraw and this does not fit with that. I am very suspicous because they WILL NOT tell us why and there only reason for this is 'we have no obligation to tell you'. I am fast loosing faith in the banking system and we are closing our Halifax accounts immediately. Anyone know of a decent mortgage lender??? hahah!

dunstonh

I am fast loosing faith in the banking system and we are closing our Halifax accounts immediately.

Not a good idea to be doing that when you are looking at mortgages. All sorts of potential hazards can and do occur when switching banks and if the new lender asks to see 6 months bank statements, its better for you if they all come from the same place. Wait until you are sorted before you close it up.

clairehi

Charliebros wrote: »

The new carpets were purchased through Persimmon who are fitting them, we pay upon completion so no loan was taken out to pay for when we applyed for the mortgage we got a bit extra to pay for this and fees. /quote]

what was the maximum LTV on your mortgage deal?

Deposit = £45K
House sale price = £185K

So mortgage required = £140K + £3K carpets +£? fees = LTV >77%

If the mortgage deal was only available on an LTV of 75% or less, then that would explain it.

They should have noticed this sooner which may be why they wont tell you the reason why they have withdrawn - to try and avoid you pursuing them for compensation?

payless

I'm wondering ( but thats all it is ) and not an excuse for them not to tell you- if on sending in his paers ( report on title/ funds request) the solicitor has advised them of certain items that they feel reduce the value.

seems strange taht figures are just over 75% ltv .. was this discussed at time of application - as rates much higher

Charliebros

Have just confirmed things with my husband and the figures are we sold our house for £125k and have a mortgage of £57k, we are purchasing the house for £185k. In order to cover carpets, solictors fees etc we were lending £128k in total from the Halifax. All this was fully discussed at the time of the application and the offer was based on this information so this makes even less sense now. Will keep the bank account open until we find another mortgage.

Hopper1975

Charliebros wrote: »

Purchase Price was £185K valuation was £185

Ermmm, typo I presume! :eek:

Charliebros

Yes definate typo purchase price £185k valuation £185k!

Charliebros

Just wanted a little more advice / reassurance regarding our situation. We have now applied for a mortgage with the Abbey and we have the decision in principle yesterday. We have gone through a broker who have been very helpful. The broker has just phoned me to say that the Abbey have now approved our application and will be instructing the survey on Monday. Can anyone reassure me that this sounds positive as the buyers of our house are getting jittery and I am a complete bag of nerves!! Also the Halifax are still avoiding us and have still not told us the reason for withdrawing our mortgage offer, the battle continues! Thanks in advance...

mummytofour

If you really really want to sell then do and rent if need be. Good luck and I hope it all works out for you.