halifax will lend 59k....only 17k short! what to do?

jjuggle

Hello
My broker has just informed me that Halifax are willing to accept me for a mortgage of 59k instead of 76k. It's because I'm on a fixed term contract that has been extended once and is likely to be permanent but of course there are no guarantees. Obviously I've been trying to get a permanent job but no joy as yet.

Now, what to do? shall I accept their mortgage offer and try to borrow/beg/steal the difference? or should I apply elsewhere?

Santander declined immediately, broker thinks we could try the Woolwich but I don't think my nerves could take it!

Any advice gratefully received:)

_Andy_

You can't accept their offer if you haven't got the shortfall. Borrowing it, if you mean a personal loan, is not an option

jjuggle

is that because of credit scoring? will they want to know where i would find the monies? actually, i was thinking of asking my mum!

talana

Because of their affordability assessment on you, they won't accept your deposit deriving from any form of borrowing.
The mortgage offer is dependent on you having the funds.
A gift from your mum would be Ok, a loan not

pineapple

jjuggle wrote: »

Now, what to do? shall I accept their mortgage offer and try to borrow/beg/steal the difference? or should I apply elsewhere?

Under no circumstances should you take out a loan to borrow the extra. As for borrowing from family, can they afford it if things go belly up?
Would it be worth trying to get your employer to write saying they fully expect it to be permanent though they can't guarantee it?
I did this once many years ago and I got the loan - though of course times are different now.
As for applying elsewhere I don't see what the problem is. There is no restriction on shopping around, surely.
Have you looked at the lenders websites to see what their policies are?

Wh05apk

This is probably nothing to do with your contract, Halifax lend according to credit score, so you have probably dropped down somewhere, possibly not being on voters roll?

If you live in a flat, or a house with a name, it might be worth your broker checking they have found you, as often names/flats are difficult to tie up.

jjuggle

Well, my Broker informed me today that Halifax made an inputting error and didn't have the correct income amount, so in fact I can borrow the whole lot!!! :rotfl: