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

kingstreet

Your adviser needs to "place" the case before submitting an application. This involves contacting the most likely lenders and explaining the case in detail and establishing they aren't likely to do what Halifax have done.

I agree with the others. Submitting this to Halifax without speaking to them first was foolhardy. From the information you've given us here it was likely to raise all kinds of flags at underwriting.

And idea why Halifax was chosen? Their products aren't particularly good at the moment...

Where is the property located? Is it in NI too?

SouthCoast

Have you been able to discuss the issues raised in this thread with your mortgage adviser?

toofy

Not yet, as it is the holidays, the office will be closed till next week. I had opted for a 5yr fixed rate repayment with the Halifax, as it had no arrangement fee and I was sure of the monthly payments, and it would have been running roughly the same term as my son's degree course. As that is now not an option I will have to look at other options (if there is any). I would not be sure if we have all the Mortgage options the same as the Mainland.

With 2 teenagers in the house and heading towards University I thought I was ahead of the game trying to sort things now; while tuition fees aren't as high here in Northern Ireland as on the Mainland, it is still going to be a debt on my son & daughter's head when they go, - that is why they have chose to stay at home rather than venture to England or Scotland where fees are approx 9k per year. And yes the house is in Northern Ireland. I have gained some valuable advice here, that I can take to my Mortgage Adviser next week, when the office opens again..many thanks..