Help me please !!! :)

CCRUDDEN

Firstly i went to our mortgage advisor to apply for a mortgage with my girlfriend we have a combined wages of £31,000 per year. Our property was valued @ £127,500 and initally when we went to our broker who applied through Halifax our pre applicaiton went through with no problems and they said all they would need is our ID and valuation of the property, so sent in the id and paid £315 for a evauation which came back 7,500 cheaper and the developer agreed to drop the price to match it, during this time something has came back and our credit rating has seemed to have from an a or b to as far as im aware a c. so then the Halifax asked for wages slips which i provied they then came back looking for bank statements and a letter saying why i went over my overdraft which i provided after all of this our application has finally been sent to the underwriters this morning. We are buying the house on a deal where the devlopers own 25% of the house and we pay them off over 10years for their 25% amount and we need to get 75% of a mortgage. After our valuation and our credit dropped halifax now wants a 5% depoist that we have at the moment. I am really worried that now it is with the underwriters they will decline it after all of sending letters to and from the halifax for the past few weeks,

What are the chances of the halifax declining it so far on, would they look for all the letters and slips and eveything else if they would just decline it anyway? please let me know if anyone else has been in this situation.

TEDDYRUKSPIN

You won't know until the answer comes back. But very high that it will be declined as they would like to see you to put down a deposit. Right now, your mortgage is basically a 100% mortgage.

CCRUDDEN

TEDDYRUKSPIN wrote: »

You won't know until the answer comes back. But very high that it will be declined as they would like to see you to put down a deposit. Right now, your mortgage is basically a 100% mortgage.

But i have agreed to put up a 5% deposit....That is all they asked for?

TEDDYRUKSPIN

Does not make a difference. Look at their website. The mortgage advisor is a complete idiot.

The loan to value for FTB for halifax is 85% maximum. Meaning you would have to put 15% of cash (none borrowed). In your scenario you are only putting 5% deposit.

PS. You would still have to put down 15% deposit with Halifax.

Just wait for their decision. Only they can give you the final decision.

CCRUDDEN

TEDDYRUKSPIN wrote: »

Does not make a difference. Look at their website. The mortgage advisor is a complete idiot.

The loan to value for FTB for halifax is 85% maximum. Meaning you would have to put 15% of cash (none borrowed). In your scenario you are only putting 5% deposit.

PS. You would still have to put down 15% deposit with Halifax.

Just wait for their decision. Only they can give you the final decision.

I understand they are the only ones who will give me the final decision, however after the valuaiton and carrying out the full credit check a girl in the halifax came back to my broker via email (which i have seen) " the only way we will continue with this applicaiton is if your client can provide a 5% depoist" which would be £4500.

Does this make any sense at all to you ?
thanks in advance!

CCRUDDEN

Anyone know of this?

unite79

HI, Halifax treat the deposit from the Builder as deposit, but have stopped alllowing you to borrow 100% of you share - this happened fairly recently - So I think you will find all is OK - Your problem will be the fact you went over the Overdraft - The underwriter would need a fairly strong reason for this.

_Andy_

If they decline it, they decline it.
No opinion from people on here is going to change that.
Just have to wait and see.

CCRUDDEN

Thanks for your reply Andy, i was merly trying to find out if anyone else might have been in my situation and if so what was their outcome. Its just my head is melted at this stage! any comfort at this stage is all i need lol.!

_Andy_

CCRUDDEN wrote: »

Thanks for your reply Andy, i was merly trying to find out if anyone else might have been in my situation and if so what was their outcome. Its just my head is melted at this stage! any comfort at this stage is all i need lol.!

Understandable - I'm always wary though that if someone says "I've been in a similar situation and it was all fine", you get your hopes up, and then feel possiby worse if you do get declined.