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Mortgage cashback no show causing headache
Gorbstein
Posts: 3 Newbie
Hello,
I've just taken out a mortgage with the Halifax on which they offered a cashback equaling full payment of stamp duty plus £150 .
On completion I received the mortgage funds plus £150, and was told the SD amount would arrive in 'hours'. That was three weeks ago.
Both myself and my solicitor have been hounding them attempting to escalate the matter, and have been continually told 'any time now' but it's still a no show. Now I'm running into the possiblity of a fine for late payment of stamp duty. I don't have the funds available to pay it myself without going into the red.
To complicate the situation, the sellers offered to pay 1 months rent on my previous place if I agreed to move early. That money arrived on the dot, but my solicitor can't release it as he is in 'negative balance' with me due to cashback not arriving. Thus, both the rent and SDLT are potentially going unpaid while the halifax dither.
Can anyone advise on best course of action now?
I've just taken out a mortgage with the Halifax on which they offered a cashback equaling full payment of stamp duty plus £150 .
On completion I received the mortgage funds plus £150, and was told the SD amount would arrive in 'hours'. That was three weeks ago.
Both myself and my solicitor have been hounding them attempting to escalate the matter, and have been continually told 'any time now' but it's still a no show. Now I'm running into the possiblity of a fine for late payment of stamp duty. I don't have the funds available to pay it myself without going into the red.
To complicate the situation, the sellers offered to pay 1 months rent on my previous place if I agreed to move early. That money arrived on the dot, but my solicitor can't release it as he is in 'negative balance' with me due to cashback not arriving. Thus, both the rent and SDLT are potentially going unpaid while the halifax dither.
Can anyone advise on best course of action now?
0
Comments
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What date did you complete?0
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Hi, would like to know how you got on because I'm hoping to take advantage of the same deal? Thanks!0
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Halifax is having a technical issue with these payments.
As the CML handbook tells the solicitor he should have all the necessary cleared funds in place prior to completion, they should not be relying on the cashback to pay the stamp duty. They should be asking the borrower to pay it and get it back from Halifax later, if it does not arrive on completion day.
If a broker case, I can only suggest your broker speaks to his BDM. If direct, contact Halifax as you would for any other issue.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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