Recourse on declined mortgage?..just looking for a reason why?

toofy

Yes i am upset + taking it personal, opinions4u stated an underwriter would be insane to take this mortgage on, & he stated he had previously worked for the Halifax..if they (theHalifax) would take the time out & explained to me they thought my application was disgenuine I could have perhaps rationalised their decision. At the moment i am feeling very disheartened..does anyone have any advice on how i should proceed from here?Are there any lenders out there who will now look upon this as a viable and true option?

toofy

It's a £200 pm mortgage, he works parttime & can cover this on his own. He has beentold by his employer he can transfer to a shop in this area and continue to work there during his degree course. 10k of the deposit is his own money, saved for him all of his 18 yrs in a child trust fund,way before they became fashionable with the government. I feel we are being totally penalised for trying to give him a great start in life, something i never had..

opinions4u

does anyone have any advice on how i should proceed from here

I'd love to know what the broker you have employed to find a mortgage thinks you should do.

opinions4u stated an underwriter would be insane to take this mortgage on

To clarify, a Halifax residential mortgage underwriter would be insane to take this on. It has none of the traits of the residential mortgages that their lending policy dictates.

Whether your intentions are honest or not, it reeks of buy-to-let. Why would a single man need a 4 bedroom house? Why would a single man need 2 bathrooms? Why would you buy a property in a town / city for university accomodation when an unconditional offer of a course has not yet been made?

Any underwriter worth his salt will be thinking the intention is to let this property out.

Too many questions and no clear answers.

Different lenders may have a different view on things. Personally I'm gobsmacked that your broker thought Halifax was a sensible lender to place this mortgage with.

Thrugelmir

toofy wrote: »

It's a £200 pm mortgage, he works parttime & can cover this on his own.

And how is your son son going to fund the cost of running a 4 bed house?

An underwriter will take the view this can only be viable by letting other rooms........... as there is no need for your son to occupy something of this size.

Why not just buy a 1/2 bed property outright for cash.

toofy

opinions4u wrote: »

To clarify, a Halifax residential mortgage underwriter would be insane to take this on. It has none of the traits of the residential mortgages that their lending policy dictates.

I appreciate your feedback/insight opinions4u and understand what you are 'saying'. What I find 'insane' however is the fact that a mortgage underwriter can make such a decision based only on what one can only assume is a scripted 'tick sheet'. Bear with me; if he/she had have taken the time out to ask:

opinions4u wrote: »

Why would a single man need a 4 bedroom house?

opinions4u wrote: »

Why would a single man need 2 bathrooms?

opinions4u wrote: »

Why would you buy a property in a town / city for university accomodation when an unconditional offer of a course has not yet been made?

...then I would have been able to have provided him/her with the answers. The mortgage underwriter would have been fully informed, their decision would have been based on facts not supposition and it may not have 'reeked'.

opinions4u wrote: »

Any underwriter worth his salt will be thinking the intention is to let this property out.

Without the facts and going only on supposition; yeah, I can see how they would.

opinions4u wrote: »

Too many questions and no clear answers.

Sorry for going all philosophical here but... surely a question is only a question if it's been asked and no-one asked me. I find it strange (if not 'insane' ) that a mortgage underwriter can make a decision based on 'questions' they both 'ask' and 'answer' themselves.

Once again; I genuinely appreciate your insight into the situation and Halifax's take on things. :A

opinions4u

But I don't see any answers that would change the decision.

Perhaps they were asked to the broker?

toofy

Thrugelmir wrote: »

And how is your son son going to fund the cost of running a 4 bed house?

The same way he will now (maybe) have to fund more expensive student digs... he works. Myself and my partner (joint applicants) will be paying the mortgage.

Thrugelmir wrote: »

Why not just buy a 1/2 bed property outright for cash.

That's a good idea why didn't I think about that... If you can find me one for £30k... I will.

Thrugelmir

toofy wrote: »

Sorry for going all philosophical here but... surely a question is only a question if it's been asked and no-one asked me. I find it strange (if not 'insane' ) that a mortgage underwriter can make a decision based on 'questions' they both 'ask' and 'answer' themselves.

From a commercial viewpoint. Halifax are reducing the size of their mortgage book. So a £30k loan isn't a particularly profitable piece of new business to expend time and effort on.

Irrespective of any answer you might have given. Your son has no need of 3 further bedrooms. That's a fact. Not a debatable point.

toofy

opinions4u wrote: »

But I don't see any answers that would change the decision.

Sorry opinions4u, I hadn't realised that you were actually asking me the questions - I'd assumed they were rhetorical in the context of your post. Damned assumptions; eh?

opinions4u wrote: »

Perhaps they were asked to the broker?

Perhaps but perhaps they should have been asked to me. Just saying like.

Listen: I guess we aren't going to see eye to eye on the role and 'powers' of an underwriter but I, genuinely, appreciate the feedback and insight into the mindset.

One more quick question: In your opinion, if I'd pretended that we were 'buying to let', would my application have stood better chance of success?

toofy

Thrugelmir wrote: »

From a commercial viewpoint. Halifax are reducing the size of their mortgage book. So a £30k loan isn't a particularly profitable piece of new business to expend time and effort on.

That makes sense, thanks.