Has anyone ever come across this?

kells1232002

Hello

I submitted my mortgage application last week to Halifax for a shared ownership new build. The mortgage advisor in branch said the mortgage would be accepted as long as the valuation is fine.

I have just called Halifax call centre and they have informed me that it looks as though the surveyor as declined the mortgage as they only have a certain amount of mortgages they can offer on a new build site and they have exceeded their limit.

Has anyone come across this? Do you know if there is an appeal process?

They informed me to get in contact with my local mortgage advisor in branch although I'm so worried I needed some advice now.

I have asked him to call me although this won't be until Friday as he is off work.

Many thanks

_Andy_

Yes it can happen - put basically they don't want all their 'eggs in one basket' - especially as newbuilds instantly devalue and statistcally (I believe) are at higher risk of negative equity and repo.

luckyfool

Halifax are part of Lloyds Banking Group. This includes LTSB, C&G, BM Solutions, Halifax, Scottish Widows etc. They have a groupwide exposure limit to any single new build development of 30% (I believe). i.e. They do not want to be stuck with mortgages for more than 30% of any one development.
As Halifax are one of the most flexible lenders with New Build properties they do receive a disproportionate volume of applications.

There is no appeal to this unfortunately so your only choices really are either a new property, or a new lender.