Mortgage promise now declined!

maj42

Wh05apk wrote: »

To be honest, this will likely be a blessing in disguise, Halifax rates generally are not competitive, so I am sure you will find much better rates elsewhere.

We have been to an independent broker who thinks we can get a good deal from virgin money, just waiting to hear from them, hopefully tomorrow. Do you think it's worth appealing to the Halifax? My problem is I have waited on her recommendation and now the seller wants to complete within 3 weeks. Can I realistically have it finished in that short time?

Wh05apk

maj42 wrote: »

We have been to an independent broker who thinks we can get a good deal from virgin money, just waiting to hear from them, hopefully tomorrow. Do you think it's worth appealing to the Halifax? My problem is I have waited on her recommendation and now the seller wants to complete within 3 weeks. Can I realistically have it finished in that short time?

You can appeal, but can't see it doing any good, if they have changed their policy, that is it, it is just unfortunate that their criteria changed between AIP and app.

maj42

Wh05apk wrote: »

You can appeal, but can't see it doing any good, if they have changed their policy, that is it, it is just unfortunate that their criteria changed between AIP and app.

Thanks for your reply.

But surely that is the reason why they have such a short shelf life? Otherwise they aren't worth anything are they?

I am not being difficult, I just can't see how they can proceed when they still have variables that affect it? I work at a garage and if I give someone a price and they book their car in, if the part goes up I can't then tell them the price I'd given them just a few weeks before is not valid now? It's just not good business practise is it?

Wh05apk

maj42 wrote: »

Thanks for your reply.

But surely that is the reason why they have such a short shelf life? Otherwise they aren't worth anything are they?

I am not being difficult, I just can't see how they can proceed when they still have variables that affect it? I work at a garage and if I give someone a price and they book their car in, if the part goes up I can't then tell them the price I'd given them just a few weeks before is not valid now? It's just not good business practise is it?

But if for example VAT increases, presumably you would pass the vat rise on?

All an AIP says, is that at the time you met their criteria, which can and does change.

leveller2911

Wh05apk wrote: »

But if for example VAT increases, presumably you would pass the vat rise on?

All an AIP says, is that at the time you met their criteria, which can and does change.

Many companies I deal with don't charge the extra VAT on orders placed for at least 30 days as a sign of good will , there is no "good will" with banks.

pc1271

I'm sure are acting within their terms and conditions (clause 58.2.1: We can do whatever we like), but I would be trying to claim back any costs incurred by you as a result of their failing to honor the mortgage promise. Might not get anywhere, but I'd do it out of principle, and threaten to move your other profitable business elsewhere.

maj42

Thank you all for your advice. I guess I will just have to wait and see.

Thrugelmir

maj42 wrote: »

Thank you all for your advice. I guess I will just have to wait and see.

The fact you proceeded to instruct a surveyor has nothing to do with the Halifax. As they would require their own nominated surveyor to inspect the property. Prior to making a mortgage offer. You appear to have jumped the gun.

Dave_Ham

No Solicitor worth their salt would even incur cost prior to receiving a mortgage offer, without implicit instruction.

So therefore there is a clear breakdown here. Whilst Halifax never cover themselves in glory with their AIP's, cannot understand the additional costs.

If you want to complete in 3 weeks, Virgin Money is unlikely to be the ticket either.

All the best

Thrugelmir

Dave_Ham wrote: »

If you want to complete in 3 weeks, Virgin Money is unlikely to be the ticket either.

Is the lack of lending capacity beginning to show? As time taken to process applications is growing.