Halifax Mortgage

vickya1983

We have a mortgage agreed in principal with Halifax it was for 90% now they have changed there minds and only prepared to lend us 79%, they reckon its because of adverse credit because my partner has one default on his file which was paid. Because they are asking for a bigger deposit my dad is lending me the funds from a credit card which is 0% but because i don't think they will take part deposit from a credit card my dad is transferring the funds through paypal so it goes down as a purchase and therefore get to keep the 0% rate.Do you think Halifax will question the extra funds? has anyone else had there mortgage offer changed with Halifax? Any advice apppreciated.

Dave_Ham

This is not the real reason you have been given, so would be checking this first.

If they do not like a case due to adverse, then they do not limit at this sort of loan to value.

Go back and challenge whoever gave you this information firstly.

vickya1983

Our mortgage broker from an estate agents sorted out the mortgage and when i called halifax directly because the mortgage broker was on holiday they asked to see how much equity we had they than came back and changed there mind and than said it was to do with adverse credit, we are confused, im waiting on the mortgage broker to give us an explanation as he assured us the mortgage was sorted, we now face being made homeless as the property im renting has sold and my contract ends the 9th of January. You say its not the real reason what do you mean by that?

Dave_Ham

Not sure how best to articulate, but you have not had your mortgage reduced based upon historic adverse credit.

They would fail the case entirely if they did not like the adverse, or maybe cap at 60 or 65% loan to value.

Get onto your broker, this will be about an Estate Agent advisor getting something incorrect - almost certainly.

GMS

When was the default and for how much?

Have you checked affordability for the mortgage? Are you employed or self employed?

vickya1983

We have been told that because my partners current mortgage is with halifax and he applied to remortgage they knocked him back so he just left it at that. now his place is sold he will be closing that account and we will be getting a joint mortgage and because the application got flagged up the senior underwroter has come back with 79%. His default which is settled is from last yr

DevCoder

On your main point, the lender will definitely want to see source of funds. Unless your dad gifts you the money and writes a letter stating as such, that the money isn't to be repaid and that he has no financial interest in the house then lenders wont accept such a deposit

Dave_Ham

vickya1983 wrote: »

We have been told that because my partners current mortgage is with halifax and he applied to remortgage they knocked him back so he just left it at that. now his place is sold he will be closing that account and we will be getting a joint mortgage and because the application got flagged up the senior underwroter has come back with 79%. His default which is settled is from last yr

Sorry, this is just not in line my extensive experience with Halifax. Someone is making an error somewhere, or communicating it badly.

pc1271

Aside from the mortgage bit, wouldn't PayPal charge 3.4% to receive funds from a credit card?

vickya1983

Yeah but its only around £400 as i called them and for a 0% rate is definately cheaper. My dad is prepared to write a letter to state he has no financial interest in the property and he is gifting us the funds. Will that be sufficent enough?

JimmyTheWig

Would it make more sense if the OP had been told they could borrow £x, which happened to be 79% of the value of the place they are buying?