Mortgage rejection

Doozergirl

I still think it's the new build thing - I know that Lloyds TSB won't take less than a 25% deposit (on certain products at least) unless the property has been registered for a year - not just flats!

Rob_Jones_2

patch3228 wrote: »

Hi Rob what are the precise dates you first sent off for the mortgage promise from Halifax?

Did you submit it just before Christmas (when you were earning a joint £55K?)

Halifax may have a time-delay in processing this applicaton and so even if they agreed in January ... could this be based on salary prior to christmas (55K).

But now when going ahead with Nationwide, their check was based on the current 36-40K joint salary?

May be barking up the wrong tree here, but wonder if that is the change in circumstances???

We recieved the mortgage promise from halifax in January, we told them the figures we will be earning in sept not the figures we were earning prior to january. The promise was for a mortgage up to 178k so were pretty far off our limit with 134k were wanting to borrow anyway

Rob_Jones_2

pandamonia wrote: »

So basically then you have a 10% deposit.

i enquired on new build properties a few weeks back and found that any decent mortgage from the likes of britannia or hsbc required a minimum of 20-25%,

since new builds are still WAY overpriced. also they would not accept any gifted deposits towards a deposit.

when i rang up barrats they said i had to use their broker which i thought was odd. then i realised this was because the only deals available were broker specific at near 7%!!!!

Britannia, C&G and HSBC and many more dont let you use any gifted vendor deposits or the like to go towards your mortgage.

With only 10% deposit you will probably find that you are into negative equity soon as you take those keys. - this is what the banks also think.

in my opinion i would stay well clear of new builds for quite a while. - just because it used to be £200k on the price tag doesnt mean its actualy worth 160k now.

Also isnt 850-1000 per month quite a high mortgage for 36k pa ?

Hi the halifax said they would accept up to 5% as a gifted deposit, 850 - 1000 per month is fine as i take home £1550 per month after tax and my girlfriend post maternity pay is going to be half of 27k so near enough £1000 a month so having £1500 spare per month for food,bills, essentials etc is enough and my girlfriend isnt going to be part time forever just the next two years.

pandamonia

Rob_Jones wrote: »

Hi the halifax said they would accept up to 5% as a gifted deposit, 850 - 1000 per month is fine as i take home £1550 per month after tax and my girlfriend post maternity pay is going to be half of 27k so near enough £1000 a month so having £1500 spare per month for food,bills, essentials etc is enough and my girlfriend isnt going to be part time forever just the next two years.

at exactly what rate is this mortgage?

Rob_Jones_2

Premier wrote: »

I suggest you get yourself a new financial advisor

All the lenders have their own criteria. Infact the lending criteria can differ even within the same lender, it depends if someone in there is prepared to push the border-case that little bit harder.

Hi after i rang the guy to tell him that halifax were going to look into the deposit situation because the mortgage lady at halifax said they may stick with the promise, he said he is "good" friends with head of new builds manager at halifax and will speak to him, he did tell me his name but i forget, and then went on to say who you going to believe the horses mouth or some mortgage advisor who will end up wasting your time and money after it gets to the final stages and you loose your valuation fees when it gets rejected,
I think he was saying this to intimidate us into using him to be honest, he just keeps saying the searches mean nothing and its the default is the problem, i know this already and told him that but i said the searches are just making our case worse and he says its common for people to have 4 or 5 mortgage searches in this day and age when finding a mortgage.


Sorry for loads of posting people but im not sure how to merge all the quotes into one post.

Rob_Jones_2

pandamonia wrote: »

at exactly what rate is this mortgage?

Nationwide was 5.7% i think, i know we would be paying back £805 per month over 30 years

SouthCoast

Lloyds Banking Group now owns Halifax.

Old news re gifted deposits:

http://news.bbc.co.uk/1/hi/business/7592106.stm

puddy

they are trying to intimidate you into using their mortgage broker and therefore their own gifted deposit which means nothing. tell him firmly that you are happy to use the halifax via whoever and therefore want the price dropped by 5%. tell him you have been researching into the issues around new builds and are not happy to proceed with a 90 percent mortgage and so want an 85 percent instead. take it or leave it

pandamonia

Rob_Jones wrote: »

Nationwide was 5.7% i think, i know we would be paying back £805 per month over 30 years

there are no mortgages available for 90% ltv from nationwide. also halifax's risky lending will probably be pulled in by TSB's safer style.

im not sure if these mortgages exsist any more.

nationwide rates are pretty crap too,

Rob_Jones_2

pandamonia wrote: »

there are no mortgages available for 90% ltv from nationwide. also halifax's risky lending will probably be pulled in by TSB's safer style.

im not sure if these mortgages exsist any more.

nationwide rates are pretty crap too,

They accepted the gifted deposit though so it meant we had 15%.

The mortgage advisor is apparently a "whole of market", "independant" advisor according to the leaflet we were given about him, i would give the name of the company but it could be breaking rules so i wont.