Mortgage offer changed in a week?!

Bella_doll

On Friday last week I went to speak to a mortgage advisor at Halifax who gave me two illustrations of mortgages, one based on a 5% deposit and one on a 10%. She took my salary and added on child benefit, telling me that the maximum mortgage that I would be able to get was £160,000. She then printed all this and told me that unless my circumstances changed, this information would be valid until January.
So on Monday I went to a second viewing on a property and then the following day made an offer for £160,000 which was accepted.
I then contacted the mortgage advisor and then instructed solicitors.

The mortgage advisor emailed me today with the following information:
I am having trouble allowing the acceptance now of 95% loan to value. The application is only allowing 90% loan to value - is there anything you can think of that has changed with your credit in the last week?

Nothing has changed in my circumstances at all. I am obviously disappointed and annoyed as at present I only have savings of £14,000 and cannot proceed with a 10% deposit.

Am hoping anyone could offer me advise on why this could have happened and what I could do now? Would a mortgage broker be able to help?

chanz4

check your credit file

Nelly321

The initial calculation is a rough guide and you offered your maximum lending capacity, which is always going to make it a more difficult situation!

Can you afford the repayments on THAT house?

Even a slight glitch in your credit history would throw off your acceptance when borrowing so much.

amnblog

Illustrations are not offers of mortgages, or meant to be so.

Your credit score is good enough for a 10% deposit but not a 5% deposit.

(From what we have seem and heard this is not uncommon on the new 'Help to Buy' mortgage guarantee mortgages)

Seek the help of an independent mortgage broker.