HELP - Mortgage Issue

mattjhall1984

Hello everybody

Frequent reader but never posted before but I have a problem and hope that somebody can help:

Found a house we love,
Met mortgage broker who got us a mortgage in principle with Halifax, Offer accepted at £122,000 (sale going through at £128,500 thus giving us a 5% vendor gift deposit, we have the other £6,500 saved already)
4 weeks later Halifax have turned round and said that we need an extra 5% deposit.

We do not have anywhere near another £6,500 available and are now stuck in a small flat with a baby on the way in November already with our nearly 3 year old son.

Is there anyone out there that knows any 95% mortgages and/or anyone who does vendor gifted deposits other than Halifax?

Other than that what would people advise in general?

Thanks for your help in advance

M

G_M

Have you tried the mortgage forum?

kiki*_2

We have just had a 95% mortgage approved by Yorkshire bank.

kingstreet

Did everyone in the process know what you were doing - lender, solicitors, estate agent and surveyor?

Often, no-one explains to the surveyor what's going on, so he goes bowling in to the agents office to get the keys, asks if the price is the £128,500 he's been told and the office junior says no, it's £122k.

Surveyor sticks £122k down on valuation and the whole thing falls apart.

Any idea what the property was valued at, or if Halifax was made aware at the outset it was vendor gifted deposit?

kingstreet

This may sound like a daft question, but was the figure of £6,500 used? 5% of £128,500 is £6,425. Has it been kicked out because the vendor gifted deposit figure is more than 5%?

The transaction should have been worded as "£128,500 with 5% vendor gifted deposit, leaving £122,075 to be paid."

mattjhall1984

Thanks Kiki* are you a current customer with them or a first time buyer?

We aren't first time buyers which makes it more difficult I've been finding.

Thanks
M

mattjhall1984

Thanks kingstreet

Everyone was aware of the transaction type, our broker passed the correct info to our solicitor and the Estate Agent. I have been informed that Halifax knew it was too as our broker had indicated they were the only lender to do this type of morgage.

I was just using general rounded up figures, you are correct with your figures and they all matched up.

Its really been a kick in the teeth, we thought we were sorted and now this.

All help much appreciated

Thanks again
M

mattjhall1984

Hi G_M

I have posted within the Mortgage Forum as well with the same post (hope that is ok as I'm a first time poster)

Thanks
M

kiki*_2

Ooh we are first time buyers, I'm not 100% sure but I think it was an offer for first time buyers only.

kingstreet

mattjhall1984 wrote: »

Thanks kingstreet

Everyone was aware of the transaction type, our broker passed the correct info to our solicitor and the Estate Agent. I have been informed that Halifax knew it was too as our broker had indicated they were the only lender to do this type of morgage.

I was just using general rounded up figures, you are correct with your figures and they all matched up.

Its really been a kick in the teeth, we thought we were sorted and now this.

All help much appreciated

Thanks again
M

What was the valuation? What did the Halifax say was the reason?

mattjhall1984

Hi kingstreet

I am actually waiting for my broker to come back to me in the morning with an update on the reasoning.

Does this sound suspect to you? The fact that we got the Mortgage In Principle?

I'm a novice really so don't understand the process properly.

Thanks
M