Pls help...First time buyers - are we being conned?!

lauraanddavid17

Hi everyone,

Really hope someone can advise me, I'm not the best with finances and slightly new to all this, I'm afraid to say!!

My partner and I were just about to buy a house in August when he was made redundant. He worked in IT, for a massive computer games studio, and had done for 8 years.

The directors of that studio have set up a studio, and he is on a 6 month contract for that business. He signed up beginning of November. His contract will be renewed after 6 months and he is hoping to be perm by the end of the year.

His salary is £25200 and we have a 20% deposit and are looking to borrow £88. His credit is also really good.

Unfortunately, I won't be on the mortgage as I have a default from 2009. I am intending to pay that debt next week.

The mortgage advisor we have been using is linked to Jones and Chapman. The Financial side is Sequence Homes.

The mortgage advisor there really reassured us that our application to Halifax would be unaffected because as soon as he started as a contractor, he would be fine and he has been in the same line of work for so long. We paid the lifetime £350 fee for his services, £450 for a valuation and were really excited, thinking done deal.

The application was rejected after going to a senior underwriter. They said it was because he was perm in his previous role and therefore not continuous employment. The 7 week gap was no issue.

Mortgage guy said there's no other lenders on his books that would accept us.

I called Halfiax dirtectly today and they seemed great. AIP was made, and then additional checks and he said he can't see an issue whatsoever. He wants to arrange the valuation for ASAP.

I'm really confused as to how to progress this. I don't trust the Mortagage guy, and I also don't trust Halifax!! Could the guy on the phone be trying to get more money out of us when we don't have a chance?

Thanks so much for reading, this is really stressing me out as we are living in a horrendous property at the moment!! :eek:

ACG

Nobody is allowed to con you. So rest assured halifax arnt doing that. They have to stop spending your money as soon as theyre aware of an issue.

In my mind the mortgage advisor has your info they did a factfind so they should know whether that will be an issue before submitting an application.

As for their fee, we need to know what it says in the IDD document (this will be the first document you received confirming their fees and when it will be charged/refunded etc.

safestored4

You say that you don't trust the Halifax but surely it should be the other way around? You are asking them to lend you £88,000 and they are entitled to take all necessary steps to ensure that you will be in a position to honour the commitment. The abandonment of prudent lending criteria in the years up to 2008 is largely responsible for the present economic malaise

lauraanddavid17

Thanks so much for your reply.

Sadly I have no paperwork from the Mortgage Advisor. I am calling him Monday to tell him Halfiax want us to progress with them directly.

I will request some paperwork. Really hate confrontation, and feel bad that I have gone to the bank directly, but it seems weird that the same bank refused the same mortgage to him, but approved to us.

Do you think we stand a good chance of passing, given where we are at to with Halifax?

Thrugelmir

lauraanddavid17 wrote: »

Do you think we stand a good chance of passing, given where we are at to with Halifax?

The mortgage advisor at the other end of the phone. Isn't the one to make decisions on your case. As before it may be referred to a senior underwriter.

lauraanddavid17

Ahh right ok. He sounded so definite on the phone that should there be a problem it would only be with the valuation and that it would not be in relation to my partner's application as all looked good.

getmore4less

Why are you telling the advisor you don't trust(has told you you failed) and has nearly £1k of your money and no solution anything?

Get the paperwork to back up what they have done for you.

Check there was a valuation.

ACG

The advisor wont believe you if you say halifax have said they want you to deal direct with them - thats not something they would do as far as im aware.

lauraanddavid17

Thank you for your replies. I can't work out why they are so *apparently* happy to put it through either.

I need to make a decision tomorrow, do you think I should go ahead and pay out for the valuation with Halifax directly??

I'm not sure if an agreement in principle or a decision in principle has been made.

He asked us Qs on the first call, sent some paperwork by email with the figures on and called us back, this time asking specifics about the house.

He said my partner is a "top pass" and that the only thing to go wrong now would be the valuation.

Would you recommend me to go ahead and keep dealing with Halifax directly? I'm scared of shelling out money and getting rejected straight after again!

Thanks so much for all your help so far.

lauraanddavid17

We have received this response from Halifax...

Is it therefore a done deal from my side of things?

Hi David,

You have officially applied for the Mortgage and have passed on both the footprint and full credit searches so we certainly have no concerns with this side of the application.

The only thing that could stop the Mortgage from being offered is if the property is not suitable for lending on but apart from this, everything is absolutely fine.

I hope this puts your mind at rest!

Kind Regards
**** Halifax Mortgage Acquisition Team