Urgent Advice Needed: Halifax Mortgage

davmoore1983

Hi People.

Myself and my partner have recently been accepted for a mortgage with Halifax to buy my mothers/aunts house. The value is 80K but my mother has given us a 12K Gift Deposit so Halifax agreed to lend £68K. We have the offer through and all survey has been complete.

This morning I received a call from my Broker telling me that Halifax had re-credit checked us and they will only now lend £52K instead of 68K. The bad news is the contract has arrived ready to sign.

So a few questions.

1) Can Halifax legally re-check our credit rating without my approval?
2) If we do not accept the offer will I have to pay the cost of conveyancing again as the contracts are now written up?

Needless to say I am extremely annoyed. Halifax handbook doesnt state anything about withdrawing or reducing an offer based on further credit checks?

Please help!

opinions4u

1) Yes.
2) Yes.

Talk to your adviser. It may be a case of a wrong button being pressed.

Have you taken out any new credit since applying?

davmoore1983

Hi thanks for the reply

We haven't taken any credit and we don't think we've missed any payments. It's literally been 7 weeks.

What do you mean by maybe a case of wrong button pressed?

Dave_Ham

This will be adviser error, put pressure on your broker/advisor to solve the issue...

davmoore1983

Guys, I'm not understanding advisor error. What do you mean?

helenec

would suggest you go into the Halifax and find out what the problem is. If your income stacks up and your application details haven't changed then there should be no problem.
If you had a broker deal with it then defitnitely get them to sort it that is what you pay them for.

Dave_Ham

I could guess at a million different things an inexperienced branch colleague or mortgage broker could have done here; I do not really see these issues as get right first time so am shooting in the dark a bit.

I would suggest it will have something to do with income or commitments, probably the latter.

On your offer, did it say anything about consolidating existing credit commitments?

Apply pressure and like many other posts, the broker/advisor will solve this and the problem floats away...

All the best