All help/advice GREATLY appreciated - mortgage issues with Halifax

hanz

Hi Everyone!

I really hoping someone can help, i will condense a very stressfull 2 weeks (with many many hurdles) into the following:

- Found house of dreams - shared equity 80/20 (need a 5% deposit and its a 75% loan to value)

- AIP with Halifax = no issues! perfect credit score, very good income, no credit cards, no loans but ongoing car finance with perfect £ history (3 years into 5 total)

- In order to get the mass incentives for the new build property the sale needs to complete by the 30/06 (we only started talking on the 06/06 as an enquiry!

-All hurdles overcome and in final stages at the moment (everything signed, just waiting on confirmation of total from solicitor for deposit and fees, to make the payment)

-Notice given on current rented property, have many viewings booked for the weekend (and have to pay a big penalty for leaving our tenancy early)

I had a call today - Halifax have declined the mortgage application. :O Usually i would calmly crack on and resolve it but the time pressure in this situation is immense as you can imagine! If the sale doesnt complete by this date (give or take a few i assume, always an uncertain process) then the incentives are pulled from the deal.

SO

My question is, does anyone know the liklihood that they would reconsider (currently trying to reach the person i need at halifax to confirm what the issue is) and any advice for the process? - and also, my financial advisor seems to think that Halifax are the only lender who could help me in this scenario (75% loan to value with shared equity) Admittedly i am a complete newb, but this doesnt sound right to me? I know lending is tough at the moment but is there really no other lender?

ALL HELP IS TRULY APPRECIATED!! At this stage, if Halifax cant help me i have lost my current rented property, tons of fees for the many things involved and of course, the biggy, lost the house of my dreams! I feel completely lost and helpless and im hoping for some help, advice and possibly experiences from this lovely community... Thanks so much!!

p.s i know an AIP is just that, an AIP - but even the financial advisor said not to worry as he couldnt see anything that would cause an issue down the line (there is no adverse credit - past or present) and already had a very short timeframe to do everything so had to get the other aspects underway

kingstreet

We had another similar thread recently where the OP was buying a newbuild on shared equity and the Halifax declined after giving an AIP. There were plenty of guesses on what might have happened, but we never got a definitive answer.

It was a VERY big risk going as far as you have without a mortgage offer and however good you might look on paper I wouldn't have encouraged you to do half the things you appear to have done.

The only solution I can offer is to try to find a new lender as quickly as you can and hope you can salvage the situation.

handytips

Yes i would argue the case with Halifax, and also get an application in with another lender ASAP, to cover all the bases.

hanz

Thank you - i know its a shame this process has gone so far but financial advisor said the mortgage was approved and i didnt think any more about it, this was a huge shock. I really didnt have much of a choice (than to plow forward) as had I have held off on the other aspects, it was likely that delay itself could have caused me to lose the incredible deal i had secured... lesson learnt, the hard way

So can anyone offer any guidance on a lender that can help me with a shared equity (75% LTV) mortgage? As mentioned, my financial advisor seems to think that Halifax is the only one who can help so i feel even more helpless as i dont have any other lenders to contact as a back up plan...

I am hoping this can be resolved but would feel much more at ease if there was at least one other lender that i could speak to. I have just heard from Halifax (briefly) and i will not hear back until Monday now, but then i expected as much being so close to the weekend. Its going to be a horrid weekend with this on my shoulders, almost entirely due to the completion being pushed for Thursday! ALL advice, help, suggestions (other than pulling out ;P ) would be truly appreciated! Thank you!!!

hanz

p.s Thank you Kingstreet - i will track down the thread for insight.

kingstreet

hanz wrote: »

p.s Thank you Kingstreet - i will track down the thread for insight.

You might struggle. Here they are;-

https://forums.moneysavingexpert.com/discussion/3265716

https://forums.moneysavingexpert.com/discussion/3255996

hanz

Thanks very much, thats a big help! Reading now

The_Palmist

I think you need find a new financial advisor first of all ? Does anyone else agree.

He/She should have advised you to wait till final mortgage offer by bank. What's the reason for this deadline anyway ? Have you checked with vendors if they are willing to give you a bit more time ?

Even if a new lender wants to offer you their custom, it will still take some time.

I really genuinely feel for you, but its time you start thinking about going back a few steps.

Try calling ING and see if they offer you something super quick, dont forget most lines close around 8PM.

Thrugelmir

hanz wrote: »

- In order to get the mass incentives for the new build property the sale needs to complete by the 30/06 (we only started talking on the 06/06 as an enquiry!

(

For future reference don't feel pressurised by property sales people into acting hastily. If you had responded by saying that the time span was too short. They would have soon backed off rather than losing a sale totally.

Nor do you make any life changing decisions until the paperwork is signed. Many things can go wrong in the property purchase process.