HELP HELP HELP With Halifax Mortgage application

payless

Can't recall Halifax form asking the question ( I would always highlight anyway- regardless of timescale)

Halifax will consider B/R if discharged and subject to Credit ref/ score... wonder if info collected at app stage did not throw up the b/r ?

Richard_Webster

Can't recall Halifax form asking the question

If that's the case the difficulty is creating the paper trail so the lender can't say they didn't know.

Auntie is lending us £25K.

Granny is selling the place for £120K to us but it is worth £200K but needs £30K of work done - want lender to lend £150K 75% LTV.

In the days of 85% LTV BTL mortgages, dad has BTL mortgage wants to transfer property worth £130K+ to son subject to £110K mortgage. Broker tells Birmingham Midshires the son buying it for £130K. (I tell them he is just replacing existing £110K mortgage and dad is making a gift of rest of value. Birmingham Midshires withdraw offer because of mixed messages.)


These are all non standard situations where we are never sure what the lender has actually been told. How do you get the message through?

ruggedtoast

I think the law should be changed so that once a mortgage offer has been made the lender should be obliged to make absolutely all and every search that they want to make before exchange. After exchange the mortgage offer should be as legally binding as a bankers draft.

My mortgage offer had a clause which basically said "We can cancel your offer at any point we want right up until completion for no reason at all other than that we think you neglected to tell us something, or we believe your circumstances might change."

And then theres another clause which basically says "If we find out something happens to you after you've completed that would have made us not want to lend to you before you had completed, we can call back your mortgage as well."

So basically if you broke your leg after completing they could say they didnt know that you were going to break your leg when they made the offer so they'll have your house back.

Bunch of bandits.

hcb42

and if the law changed and people who had a significant change of circumstances after their formal offer, were then to end up in deep water debt wise, it would be on Watchdog stating how irresponsible these banks are - before I can say Anne Robinson..

ruggedtoast

I'd much rather have a mortgage payment of a few hundred quid I might not be able to pay than no mortgage and a bill for hundreds of thousands I have no way of paying.

roger196

ruggedtoast wrote: »

I think the law should be changed so that once a mortgage offer has been made the lender should be obliged to make absolutely all and every search that they want to make before exchange. After exchange the mortgage offer should be as legally binding as a bankers draft.

My mortgage offer had a clause which basically said "We can cancel your offer at any point we want right up until completion for no reason at all other than that we think you neglected to tell us something, or we believe your circumstances might change."

And then theres another clause which basically says "If we find out something happens to you after you've completed that would have made us not want to lend to you before you had completed, we can call back your mortgage as well."

So basically if you broke your leg after completing they could say they didnt know that you were going to break your leg when they made the offer so they'll have your house back.

Bunch of bandits.

Are these clauses unfair and hence unenforceable?

kingstreet

I've been through the Intermediary Data Capture and Mortgage Promise forms and there is no declaration of adverse credit of any kind required - default, CCJ, bankruptcy or anything else.

In addition, the Halifax intermediary criteria on bankruptcy simply reads;-

Only if discharged and subject to a credit score

MOTWYW

neverdespairgirl

Richard_Webster wrote: »

Because of the hassle involved at the last minute before completion in establishing whether a bankrupt J. Smith is your client John Smith I generally have them done at an early stage as well so we have time to do any necessary checks if the entries could relate to our client. It does mean that the client has to pay an extra £2 per name though. If we then establish that it is our client we would write to the lender before exchange asking if this information affected its lending decision.

However I do this more to avoid the hassle of establishing that the bankrupt person with a similar name is not my client - i don't think this is general practice in the profession.

I know my parents' solicitor has tended to do this for them - as they have a very common surname, and my mother has a common first name, too. So it makes sense to establish that she isn't any "Mary Smith" (not her actual name) who might have gone bankrupt.

I don't know if it's that common, though. He didn't do it recently when we bought (same solicitor, my godfather) but we don't have names which are nearly as frequently-occuring.

ruggedtoast

No updates from the op. Hope no news is good news.

Trollfever

Any updates?