Last Minute Mortgage Refusal.

Mikeyd_2

Hi,

I have searched this but have not had any luck. Please can someone offer advice- 2 months ago the Halifax approved me for a Mortgage. On the day of completion they rang me and said that they can no longer offer me a mortgage. The reason they have given is that my Credit Report is not suitable. However my credit report has not changed at all in this time- except to actually improve slightly?

The Halifax then e-mailed my solicitors to say that they could give me a mortgage- however 2 days before completion again they have refused it. And I am now being told that I have lost the £15000 that I put down as a deposit?

Does anyone have any knowledge of a similar situation- or can you advise on best practice?

I am completely at a loss?

Please help ASAP.

Thank you.

m

silvercar

What does your solicitor suggest?

Have you looked at your credit report? Anything odd in it?

I would see a broker and find out if you can get another mortgage elsewhere in double quick time, £15k is a lot to lose.

When the dust settles you may want to complain to the halifax, I doubt the FSA will see this as "treating customers fairly".

Mikeyd_2

Thank you for the reply.

Unfortunately we went with the solicitor that the Halifax recomended so they have'nt been very keen to help- lesson learnt.

We are applyling to other lenders but they all want £22,000 as a deposit or their rates would be too high- meaning we couldn't afford it?

We don't have the extra money- just lost on what to do?

Robert_Sterling_3

How did it come about that you paid a large deposit and exchanged contraacts which contained a completion date when you had not got funds in place to do the deal.

I thought that was one of the thing a solicitor made sure was the case.

I could be wrong.

silvercar

Sounds like OP did have a mortgage offer at the time of exchange of contracts, but that it was withdrawn before completion.

maninthestreet

Mikeyd wrote: »

Hi,

I have searched this but have not had any luck. Please can someone offer advice- 2 months ago the Halifax approved me for a Mortgage. On the day of completion they rang me and said that they can no longer offer me a mortgage. The reason they have given is that my Credit Report is not suitable. However my credit report has not changed at all in this time- except to actually improve slightly?

The Halifax then e-mailed my solicitors to say that they could give me a mortgage- however 2 days before completion again they have refused it. And I am now being told that I have lost the £15000 that I put down as a deposit?

Does anyone have any knowledge of a similar situation- or can you advise on best practice?

I am completely at a loss?

Please help ASAP.

Thank you.

m

How many times have Halifax offered you a mortgage, but then withdrew it after exchange? From reading the above, it seems they have done this twice??

Mikeyd_2

That is exactly what has happend- the Halifax told my solicitors that I could have the Mortgage. I therefore agreed it- the Halifax then pulled out- this now means that I will not be able to stick to the contract I agreed- therefore I loose £15000. It may seem mad but thats what the Halifax have done to me? To make matters worse we are now going to loose the house that we have fallen in love with?

Thanks for your replies.

Trollfever

Your solicitor allowed you to exchange contracts without ensureing your mortgage was in place?

http://www.legalcomplaints.org.uk/home.page

Mikeyd_2

Yes they have- first time I hadn't quite exchanged contracts so my deposit was safe. I then got confirmation a second time- so I exchanged and they pulled the plug again?

Mikeyd_2

Thanks for the LCS website I will use that- the solicitors have agreed to consult with the Halifax business managers- but I cannot see them changing things.

PasturesNew

In a case like this I think the least they should do is spell out exactly why they've pulled it. No holds barred, so the toss can be argued in case they were wrong on something.... leaving somebody without a starting point or clue is just plain awful.

Good luck OP in getting to the bottom of it, getting it fixed and a happy end result.