Halifax LTV change after mortgage offer

neopickaze

Hi All

In September I was issued a formal mortgage offer from the Halifax for 75% LTV on a firstbuy mortgage.

My personal circumstances have improved since then, no new finance, no missed payments and now I am out of my probation period at my new job (which I was still in probation when I recieved the previous mortgage offer)

I'm borrowing £86.25k against a £115k property with a 20% firstbuy deposit and a 5% deposit of my own.

I was due to exchange on friday and complete the following week however now suddenly halifax have decided to re-assess me and want an additional £5.75k deposit.

Do I have any chance to appeal? Are any mortgage brokers online who have seen this who could offer advice?

This was a formal mortgage offer, not an AIP/DIP

Shiny_button

It sounds like your credit score has reduced therefore they want a higher deposit.

What does your Halifax advisor say about this? Usually once you have the offer it is ready to go but a further amendment to the application can cause a new credit search.

kingstreet

Has your application been through a random audit?

This may have been triggered by the solicitor sending the Report On Title.

Was this a full status application, or was it fast-tracked?

Were your payslips, bank statements etc required by Halifax at the outset, later, or not at all? You may have supplied them to the intermediary, it's when Halifax asked for them that's important.

Dave_Ham

Have you taken out new credit, or has old credit still live hit your credit file?

I would call and ask them the details, as there should be a tangible reason.

All the best

neopickaze

Spoke to my broker today again who was as shocked as me, nothing changed on my credit file at all and I supplied everything to my broker in advance.

Halifax asked for proof of employment and bank statements before the first mortgage offer.

Exchange was delayed as Halifax underwriters had previously said they were unhappy with some of the terms of a license the housebuilder has over a part of the property, these terms were updated by the housebuilder to what Halifax asked for and it seems shortly after is when they re-assessed LTV.

Today after my broker speaking to them they have issued a new mortgage offer at a better rate, although I'm not any clearer as to the reason the previous one was withdrawn.

Hopefully this one should go through OK, formal offer has been emailed and posted to me and should be with my solicitor tomorrow.

tink_1983

neopickaze wrote: »

Spoke to my broker today again who was as shocked as me, nothing changed on my credit file at all and I supplied everything to my broker in advance.

Halifax asked for proof of employment and bank statements before the first mortgage offer.

Exchange was delayed as Halifax underwriters had previously said they were unhappy with some of the terms of a license the housebuilder has over a part of the property, these terms were updated by the housebuilder to what Halifax asked for and it seems shortly after is when they re-assessed LTV.

Today after my broker speaking to them they have issued a new mortgage offer at a better rate, although I'm not any clearer as to the reason the previous one was withdrawn.

Hopefully this one should go through OK, formal offer has been emailed and posted to me and should be with my solicitor tomorrow.

So did they change the LTV in the end? Any idea why they changed their offer? When r u due to complete?

neopickaze

My solicitor waiting for solicitor mortgage offer which should get there today then if authority proceed exchange immediately with completion 3 days later

I got the old LTV in the new offer, I'm still unclear as to what happened