Please Help - Morgage Offer Withdrawn

inca_2

I know that a lender can withdraw an offer at anytime but you would think that out of decency or from a customer service point of view that they would at least give you some sort of explanation as to why? Even when a lender changes their policy if you have already applied and have even got your offer it's rare for them to invoke the new policy, it's usually for new business.

Charliebros

Yes you would think that after leaving a family with a 4 year old child, in total chaos, 2 weeks before xmas the Halifax would have the decency to tell us why they have withdrawn their offer but on the contary they ignore our phone calls and don't call back, and just say we have 'no obligation' to tell you why. We are absolutely sure they have done it becasue they simply do not want to lend the money without a though for the hurt and inconvinience they have caused us. I think they just expect us to go away without a fuss but they were wrong. Our new broker is going to help us pursue them for the money we have lost especially the £375 valuation fee they took from us!! It makes my blood boil that the Halifax could do this to us!!! I just hope and pray the the Abbey mortgage comes off and the couple buying our house don't pull out, otherwise we loose our new house which is sat waiting with the carpets I chose a few weeks ago.....

HelpWhereIcan

I have generally found that the Abbey is reasonably good once an underwriter has looked at your case and instructed the valuation and would not normally expect them to decline your mortgage at this point.

However, the fact that the Halifax withdrew an offer is the thing that makes me very cautious.

As well as the normal credit reference checks available to lenders there are also systems such as Hunter which is an industry database recording previous applications in order to help lenders spot patterns of fraud and/or inconsistencies between applications.

eg You tell one lender one thing, get declined and then tell a second lender another thing hoping to avoid the same issue. Hunter records should show the 2nd lender what the differences are and, AFAIK, lenders are very quick to record inconsistencies especially if they are not able to register a CIFAS report if the suspected inconsistency was not proven.

This could mean that Abbey decline your application further down the line based on a Hunter entry from the Halifax. It could also be that the Halifax made their decision based on a Hunter entry from another lender (not neccesarily based on a mortgage application).

If you have accounts with the Halifax, it could be based on information related to those accounts - conduct, overdraft borrowing, plans to borrow you disclose to a staff member etc etc

The thing that I find interesting is the question about whether you have borrowed any other money.

That would imply that they have become aware of a debt that was not disclosed on the application form or possibly even not recorded on your credit file.

Other than those other people have already tried to help you rule out, an example could be a 'loan' from the builder for some of the deposit, the cost of legal fees, carpets etc.

The Loan to value will not be the reason for the offer being withdrawn. If they had concerns about Loan to Value they would have adjusted the loan amount available not withdrawn it all together.

If you can honestly look at everything and say that there is no other borrowing whatsoever, from anywhere that they may have become aware of then I can only suggest that you appeal based on the facts.

Get a copy of the application form from the Mortgage adviser, make sure that all your borrowings were disclosed. Get a copy of your credit file now and see if anything has appeared since your application first went in (which will be more than 3 weeks ago).

Make sure that you have not borrowed on credit cards/store cards 0% etc etc in the last few months (I have known a Buy now Pay later deal take 6 months to appeal on a file).

If there is no change or inaccuracy you have a right to appeal - but they do not have to uphold that appeal. No one can force them to lend to you - just ask the government.

It may be better (more productive and less stressfull) to concentrate on making sure that the Abbey deal goes through and put the Halifax situation down to experience and the current market.

Charliebros

Thanks for that info HelpWhereICan, we have not lent a penny in the last couple of years never mind within the three weeks since the mortgage was taken out and we have already done a credit check in case someobody has stolen our identity. Also the Halifax was the first lender we approached so cannot see there would be anything on this Hunter report. It does worry me that Halifax may put something on there when they won't even disclose to us what the reason is. We have put a complaint in to the Halifax and I can honestly say if they offered me the money now I would tell them to stick it where the sun don't shine!! Its just the principle of the matter that makes me want to get answers. Anyway keep your fingers crossed that the Abbey does a better job.

olly300

Charliebros wrote: »

Thanks for that info HelpWhereICan, we have not lent a penny in the last couple of years never mind within the three weeks since the mortgage was taken out and we have already done a credit check in case someobody has stolen our identity. Also the Halifax was the first lender we approached so cannot see there would be anything on this Hunter report. It does worry me that Halifax may put something on there when they won't even disclose to us what the reason is. We have put a complaint in to the Halifax and I can honestly say if they offered me the money now I would tell them to stick it where the sun don't shine!! Its just the principle of the matter that makes me want to get answers. Anyway keep your fingers crossed that the Abbey does a better job.

You can actually write to Hunter under a Data Subject Access Request. They can like other agencies can confuse you or your husband with someone else. This Guardian newspaper article (click or paste the link in) gives more information about them and how to access your records- http://www.guardian.co.uk/money/2008/nov/15/national-hunter-credit-agency

Plus it's common for firms once they have mucked you around to avoid talking to you on the phone so your best way to find out what has happened is to contact them in writing. I suggest you use their complaints procedure. Make sure you sent your letters by recorded delivery or some other method that proves they are highly likely to have got them as complaint letters to firms have a habit of not being received. Then you can either give up if they don't answer you, or you can make complaints to both the Financial Ombudsman Service asking for compensation and the Financial Services Authority citing the Unfair Terms in Consumer Contract Regulations 1999. Will Halifax can change their mind and policies they should give you an indication why.

BTW "lend" and "borrow" aren't financial terms they are general terms that are widely used in the English language. For example "I will lend you my pen" and "You can borrow my pen".

Airwolf1

I had an issue with Northern Rock when I took out my mortgage with them a couple of years ago. They said I could have the mortgage, then wrote and basically said no, even though agreed etc. I managed to speak with their underwriting department at the time and got it approved with a manager.

Debs12

just wanted to say good luck in getting a new mortgage.

I think we should rate banks on sites like this...

I had issues with the Halifax over 10 years ago when I was a student. I then moved and did all my banking with TSB now Lloyds TSB. As I swore blind that I no longer ever wanted an account with the Halfax again now it is merging I am on the move...especially hearing this.

My mortgage is with Northern Rock fixed rate ending in Feb but help with costs due until June...Again will not use Halfiax so now Lloyds/TSB Scotland (up here). So anyone recommned good institutions?

scott_lithgows

Debs12 wrote: »

My mortgage is with Northern Rock fixed rate ending in Feb but help with costs due until June...Again will not use Halfiax so now Lloyds/TSB Scotland (up here). So anyone recommned good institutions?

Yorkshire building society,Dunfermline building society,Scottish building society.

Keep away from Abbey as well.

feisty1

DEBS12.........
You could put a poll on here and ask and you would find some would recommend a particular lender, another person would say steer clear. It is all down to your own personal experience as to whether you would recommend an "institution".
I shudder when I know I have to deal with the Woolwich but sometimes they have very good offers. I like dealing with NR, but deals are not very competitive. I like dealing with HBOS. RBS drive me mad! I'm sure plenty would disagree with me and others will agree. As I said it's a personal thing.............
With regards to your NR mortgage, you will only be tied in for those 6 months because you took 1k HWC's (Help With Costs) if you wanted to you could move.

feisty1

Exactly as I have posted.........DUNFERMILNE BUILDING SOCIETY are a nightmare! (in my experience)...........If yr in Scotland, try the Airdrie Savings Bank, they are the only independent bank left in the UK, they have "proper" bank managers and a very prudent approach to lending................