Halifax withdrawn offer??Help!

mae85_2

Hi
My husband and I put an offer in on a house last week that we were pre-approved over and beyond for a mortgage. We have 15% saved and no loans credit card debt or children. Halifax processed our application took the money for a survey then at 5pm on Thursday withdrew and will not tell us or the mortgage advisor why. I did default on a phone bill last week by mistake as it went over my overdraft limit but have paid the overdraft off in full overnight cancelled the debt and am now in credit could this be the reason? Also my husband had a different previous address on the application to his credit report could this affect it? We are so scared we might loose the house especially as every time we apply for a new mortgage we loose points on our score and may never get approved. We don't know what the next step is-should we try again with Halifax in just my husbands name? or should we try and reach 20% deposit to make them feel happier?We will speak to the mortgage advisor next week but I am freaking out and cant sleep HELP!!!

funfunder

They did the same to us. Even appealing it didn't help. All they said was previous address/linked address. However we didn't have one ! Try someone else quickly... And possible a good idea to do it in one name if your worried

mae85_2

It's so frustrating!That is so unfair! I thought they weren't allowed to use linked addresses anyway as it's not a fair depiction of the applicants "personal" finances....they won't tell us at all why they withdrew not a tiny hint nothing.... did you get a mortgage then? if so I guess we have hope! I'm so fed up with it all we are in such a good position and they just don't care......

Thrugelmir

Was your overdraft facility with the Halifax ?

mae85_2

no with Santander but it's not on my experian file yet. Half of our deposit is with Halifax though in my husbands name ...

Thrugelmir

A DIP not in anyway a pre-approval for a mortgage. Only when you receive a mortgage offer can you consider yourselves approved.

More than likely your usage of an overdraft facility has to come to light. The matter was referred to the underwriters who then declined the application.

mae85_2

Hi we did have a DIP then an offer they had started to process it and sort out survey etc. If it was this then maybe we can just apply in my husbands name? Can they find this out before it is on experian?

holly_hobby

Without knowing if they have recd info regarding you od facility.

They may have withdrawn due to "non-disclosure" i.e you have stated that your Husband had a different prev address to that entered on the application.

Why did you give a different address, is it because there is adverse credit data at the address you omitted to provide, or what is the reason ?

Even so, I doubt the lender would reconsider this app, as even if you give a genuine reason for the omission and there is no adverse on the prev address, they may now consider your application to be unreliable.

If you decide to try another lender, give all material information as requested - CRAs do link addresses and any credit info on you at such addresses will be viewed and considered as part of the decision making process.

Hope this helps

Holly

mae85_2

Hi Holly,
Thanks thats really helped....
The previous address was a oversight as my other half is in the army and gave his barracks address to advisor but didn't ever register his bank details there due to moving around etc.so his parents home address was on experian..I think I would rather try someone else in just his name as well if Halifax think we are trying to conceal something...which we aren't!
urgggh nightmare!

holly_hobby

Obv without the lender giving their reason why - we don't now for sure if its the linked addresses that have caused them to have a re-think.

Before you admit defeat .. and I know they don't usually reverse .. but would it be worth a last try with your broker having a discussion with Halifax UW - and if it is to do with residency issues, he may be able to smooth it over ... or may not. (just thinking it may save time, and further costs).

If not, on any subsequent app make sure you explain your hubbys resident situ i.e army barracks & mum & dads - just to ensure that they see you are trying to be as transparent as possible). You may also need to explain with any new lender app why your Halifax mge was declined - if the question is asked of course.

Hope this helps

Holly

mae85_2

Ok brilliant thank you... it's so upsetting as we have a decent deposit and are paying way more in rent each month than we would on a mortgage. Will speak to broker on Monday and see what she thinks...it never occurred to us the address might be the main issue as my credit file is not as good as other half we assumed it would be me! Maybe this will all be sorted and it won't seem like the massive headache it is! wish we had known all this before looking to buy...I would have had a serious clean up of finances..oh well lesson learned! Hopefully if they have to credit check again it might be better than last time as I now have £0 debt instead of 77% of my allowance thats showing atm.... Thanks again Holly