We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Last Minute Mortgage Refusal.

13»

Comments

  • The solicitor may have been recommended by the Halifax - but they have a duty of care to you, their client. Kick up a stink with them - if necessary get the name of a Partner - they have contacts with Halifax and the least they can do for you is to find out why on day of completion it was withdrawn.

    Get a copy of your credit reports yourself.

    Make an appointment with Halifax to sort the business out. Be persistant and pushy. If there is a good reason you need to know why - if they have made a mistake what will they do about it.

    If you act fast, the builder will prob not be able to sell the house that quick in this market. Going the FSA route will prob take some time. If you are sure your credit rating has not changed for the worst then why accept this treatment until you have tried every route, if this fails then you will more ammo for the FSA.

    If you have nothing to hide and have right on your side, go for it.

    You could tell this shabby treatment to Watch Dog and to the Prime Minister, as another failure of the banking system.
  • dunstonh
    dunstonh Posts: 118,003 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Going the FSA route will prob take some time.

    Not really. They will sympathise (even when you are wrong they still do this) and pass on your complaint to the Halifax. Its going to the FOS that takes time. About 14-18 months currently.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    Essex_Maid wrote: »
    You could tell this shabby treatment to the Prime Minister, as another failure of the banking system.


    Gee thanks, I am always sure to get a laugh on this site!!
  • ILW
    ILW Posts: 18,333 Forumite
    This is most likely not the case, but could it be possible there were a few minor exageratons or porkies on the application which only came to light at the last minute?
  • ILW
    ILW Posts: 18,333 Forumite
    Mikeyd wrote: »

    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?

    If that is the case what happens when rates go up in the next year or two?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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

    I wonder if they(solicitors) exchanged without a formal offer in place

    I would ask to see the offer documents and for the solicitor to point out the terms that allow them to withdraw the offer.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    Mike;

    You ask why the Halifax may have declined you, but it could be a thousand or more different reasons, so there is no point any of us pondering what it could be.

    Take it right to chairman level - use special delivery post. Also copy to the chief complaince officer at HBOS (not Lloyds just aquired them though).

    All lenders subscribe to a key piece of regulation called TCF (treating customers fairly).

    Say this in your letter;

    TCF, statement 1 is as follows - 'Consumers can be confident that they are dealing with firms where the fair treatment of customers is CENTRAL to the corporate culture'.

    TCF, statment 3 is as follows - 'Consumers are provided with CLEAR information and are kept APPROPRIATLEY informed before, during and after point of sale'.

    It is my assertion Halifax has not met with this tenet and that as a result you have suffered cost and have been left in the dark.

    I require Halifax to pin point exactly where my credit information differs from that which was presented to you at outset, and that which you were aware of when you over turned your initial decision to withdraw the offer.


    MIKE;

    Halifax may seek to hide behind statements included with the offer, but dont accept that. Such statments do not entitle them to circumvent TCF principles.

    Good luck
  • Dan_1976
    Dan_1976 Posts: 943 Forumite
    A lender follow TCF, I thought they were exempt ;-)
    "Banking establishments are more dangerous than standing armies." Thomas Jefferson
    "How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen

    Debt Apr 2010 £0
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 346.7K Banking & Borrowing
  • 251.4K Reduce Debt & Boost Income
  • 451.4K Spending & Discounts
  • 238.9K Work, Benefits & Business
  • 614.4K Mortgages, Homes & Bills
  • 174.8K Life & Family
  • 252.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.