Mortgage company cancelled survey ?!

louiserer

Morning,

We are in the process of hopefully buying a new build and part exchanging our current house. We are currently going through our 28 day exchange.

The survey / valuation by Halifax was booked for yesterday and I had been advised on Saturday by the processing department that all being well we could have the full offer by the end of the week. I received a call late yesterday from the builder to say that the lender had cancelled the survey and not re-arranged another appointment.

I called Halifax who advised me our application had been selected for additional checking at random which had led to the cancellation of our survey. I was advised it was nothing against us and there were no issues with our application.
The processing department had asked for our last months payslips and the proof of tenancy for our other property, I was told these had been received and there was no issue. I asked if there was anything to say additional proofs were required, I was told it didn't look like anything else was required. I was told this could take around a week.

We had already had an AIP which was £50k higher than the mortgage we are applying for. We have ensured we have been 100% truthful on everything we have discussed.

I referred this back to the house builders who seem annoyed because they're probably concerned about their 28 day exchange (their solicitors haven't actually send what they need to be solicitors yet though).

Is this quite normal or should we be worried do you think?

Thank you,

kingstreet

If it's a routine audit, it will take them a couple of days and they don't want to risk your valuation fee until they are sure they are happy with the application.

If this is via a broker, ask the broker if it's a referral to Business Assessor, CDT or both. We get an email telling us.

louiserer

Thank you for your reply.

I didn't receive a call from Halifax at all, the first I knew was when the development called me. We have arranged our new mortgage over the phone with Halifax as the branch have been booked up weeks in advance and our existing mortgages are with halifax. We discussed porting the mortgage but as the rate is higher than the new one we have been advised against this so are looking to move onto a new mortgage.

Beccacook

I've just had exactly the same thing happen to me with the Halifax. Mortgage advisor rang Friday to say all ok'd with underwriters and took valuation fee. Valuation was due to take place Thursday but received a call to say it had been cancelled by the lender. Did everything turn out ok with your sale?