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Halifax - STAY AWAY!
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delboyallen
Posts: 3 Newbie
After a year of trying to sell our house we found a buyer and a lovely bungalow to buy.Everything was going through after eight weeks of solicitors and valuations etc.Then just before completion the HALIFAX told our solicitor that they were withdrawing the mortgage offer because the bungalow had not been owned for 6 months by the developer we were buying from! The solicitor was shocked and sent a letter with full proof of undisputed ownership of the property by the developer but you may as well of spoken to an answering machine - they just said NO! I have been with the Halifax for 30 years in total, never missed a payment and was putting down a 70% deposit. It now looks like I've loast my buyer and the bungalow - DONT DEAL WITH THE HALIFAX.:(
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The underwriters strike again!!!!!
Sorry to hear your news but it is happening all over the place, you only have to keep an eye on these threads. Can you approach another lender quickly?0 -
Del
This rule is common amongst lenders now and I'm surprised the Solicitor has not encountered it before.
A broker would have told you up front - why on Earth don't lender staff, ho let me guess, on thier training course this point is not covered!
Oddly enough a developer I deal with has been unable to sell some of his properties due to this.0 -
Hi
I am going to try another lender but the developer has lost patience and is re-marketing, I may be in time though. There were loads of other problems with the Halifax, they say you can phone a branch, but 9 times out of 10 you get redirected to a poor girl who gets paid peanuts and reads a script. Then their mortgage advisors are usually part time and you can never contact them, just rubbish basically. Oh and they are taking £2,500 in ERC and exit fees.0 -
why are you not using a broker ...they will know where to go...rather than you trying to do something you're inexperienced in and causing yrself stress?0
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I am using a broker - sorry didn't mention that.He has suggested Platform loans, anybody know info about them?0
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To be fair you are a victim of lenders trying to stop developer back to back sales or whatever they call it.
It is meant to combat freud and the normal buyers are or will lose out."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 £00 -
was putting down a 70% deposit.He has suggested Platform
:eek:..................0 -
SouthCoast wrote: »:eek:..................
why the eek??0 -
Platform are a specialist sub prime lender - not who I'd want to be with!!
Get a new broker. He should have known up front the Halifax would not be able to lend - he should have asked you how long the developer had owned the place.
It takes many years to learn this craft, I know I learned the hard way myself. No training course in the world can prepare a broker for the complexities involved.0 -
Conrad, a bit Harsh on Platform they do now offer exclusive prime deals to many networks which are v competetive on rate.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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