Mortgage while pregnant...

Jayjay22

Ma has said how unusual it is the hve the mortgage audited & the only think he can suggest is to tell builder that can't access deposit till nearer completion. And would they accept full deposit on completion rather than part on exchange & remaining on completion.

This sounds better to me.
Iv talked to hubby & if we do get audited & offer reduced he thinks we can get the £5/6k together.
It's all a risk but I have £800 in fees tied up now so part of me thinks ill risk losing these fees & see how we go.

Argh this is not good times.
Thanks all for ur advice.

sammyjammy

Jayjay22 wrote: »

Ma has said how unusual it is the hve the mortgage audited & the only think he can suggest is to tell builder that can't access deposit till nearer completion. And would they accept full deposit on completion rather than part on exchange & remaining on completion.

This sounds better to me.
Iv talked to hubby & if we do get audited & offer reduced he thinks we can get the £5/6k together.
It's all a risk but I have £800 in fees tied up now so part of me thinks ill risk losing these fees & see how we go.

Argh this is not good times.
Thanks all for ur advice.

The builder will not agree to this, the whole point of deposit on exchange is that you are financially tied to the deal.

Jayjay22

sammyjammy wrote: »

The builder will not agree to this, the whole point of deposit on exchange is that you are financially tied to the deal.

My ma says he has done this with other builders in the past?

Guess don't ask/don't get so worth asking.

Jayjay22

Can anyone advise me ---
If I did suffer the bad luck of being audited, would halifax withdraw offer or just reduce the amount they are willing to lend?

GMS

Nobody can answer that question.

If they decide you witheld information then they may well pull the offer. You cannot cliam that you were unaware you were pregnant.

You really need to speak to your adviser with these concerns. Find out exactly what has been submitted and seek their advice.

Jayjay22

GMS wrote: »

Nobody can answer that question.

If they decide you witheld information then they may well pull the offer. You cannot cliam that you were unaware you were pregnant.

You really need to speak to your adviser with these concerns. Find out exactly what has been submitted and seek their advice.

Thanks I am getting myself very worked up here...
Hes told me its hard to tell if they will lower or withdraw, i currently have an A pass score which could change if i have a dependant, which inturn effects how much i can borrow.

We needed to sort this out before i went on maternity leave as we need to move out of our current location & I wanted something secure for my family.
my MA has just basically said
'This is all very unlikely to happen. Its unlikely that Halifax will ever "audit" your application and as I say I have never had one audited in over 5 years.
It seems that you are getting very worried about this, with any purchase of any house there is never anything definite until completion.
If I were you I would speak to the builder not the solicitor about the deposit and get it all sorted out now before you spend any more money'

.....

i am literally tearing my hair out here, i am a worrier and i know that this is all worst case scenario, but....

kingstreet

Jayjay22 wrote: »

Don't understand why he's fast tracked my application rather than done it the normal way

It isn't a choice. If your case qualifies for fast-track Halifax simply does not ask for the status evidence requirements it would normally require.

Jayjay22

kingstreet wrote: »

It isn't a choice. If your case qualifies for fast-track Halifax simply does not ask for the status evidence requirements it would normally require.

Oh i see, thanks for this, so when they select for audit it is totally random? just 1 in 12 that are due to complete that month?

My MA says it has never happened to him, but hes not filling me with confidence at this time.... has it happend to you kingstreet?

kingstreet

It is random. Both in terms of which cases and at what point in the process.

has it happened to you kingstreet?

Yep.

Mine was actually pre-offer.

Application was 16 June, offer eventually went out 18 August.

Jayjay22

kingstreet wrote: »

It is random. Both in terms of which cases and at what point in the process.



Yep.

Mine was actually pre-offer.

Application was 16 June, offer eventually went out 18 August.

Pre offer this whole audit thing wouldnt have bene an issue!
tbh aslong if i came anytime before i go on maternity leave it wont be an issue, but knowing my luck it will come two weeks before completion! saw on that thread you suggested that the solicitors requesting the money can kick things off!!

had a good talk about it all with my mum, she has suggested we go for it, and worst case scenerio just make sure we can find say £15k extra from somewhere to cover the shortfall if the offer is reduced to the worst case scenario..
so have asked my MA what the worst case scenario is, as he thinks that although im an 'A' now the dependant could affect this also.
So hubby suggesting we talk to his parents about £15k loan which we can add to deposit if worst case occurs...which would give us deposit of £40k on house of £174k, with 5% builders deposit also.
If that all makes any sense!