MMR Halifax?

lolarose11

Hi,

We are FTB and have had a mortgage in principal agreed with the Halifax at the start of April on a 5% deposit. They said we can borrow up to £139,000.


We have now had an offer accepted on a house for £100,000 and are looking to go back to them next week for the next stage

I am concerned about the mortgage review and if that will affect us. My partner has no debts and I have a credit card with nothing outstanding but i am paying for a car on PCP and have a personal loan with natwest that comes to an end in November.


My partner is due to start a new job on the 12th May also which will take his income from 18k a year to 27k. Is it worth mentioning this?

Thanks
Emily

Thrugelmir

Give them a call. As a new job may well infuence and impact their decision.

The new job will be disclosed when the full mortgage application is made.

amnblog

They need to know about the new job but it is unlikely to be an issue -assuming it is a permanent role

kingstreet

Is there anything you have which they didn't take into account before;-

childcare
student loans
ground rent & service charges
school fees?

If not, nothing much has changed for you.

Re-work the affordability calculator if you wish to check first;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

19ardagh70

amnblog wrote: »

They need to know about the new job but it is unlikely to be an issue -assuming it is a permanent role

The new MMR will not affect your application as you applied before it came into force on Friday. As far as the new job, it will worry them when you change jobs as new jobs have a probation period.

We are in exactly the same boat as you with everything.:eek:

kingstreet

19ardagh70 wrote: »

The new MMR will not affect your application as you applied before it came into force on Friday. As far as the new job, it will worry them when you change jobs as new jobs have a probation period.

We are in exactly the same boat as you with everything.:eek:

Their application has not yet been submitted and with Halifax it falls into MMR if a full application was not submitted before 14 April.

wilko21

ive had a bit of an issue with halifax around the new MMR as well. I went through the affordability checker over the phone and was told I could get a mortgage to the tune of £180k. I got a dip for £130k, but then 2 weeks after getting the dip, and apparently the day beofre the new MMR was implemented onto their systems, my application was refused.

i have plugged my numbers into the calculator above and it spat out a loan amount of 175k. i am confused as to why they said I could get £180k, gave me a dip for £130k and then rejected me altogether.

Infuriating.

kingstreet

What was the reason for the decline?

It sounds like nothing to do with MMR, as that's all about affordability. Halifax would have made "an alternative lending proposal" if it was income related.

wilko21

we are using a broker but he is quite hard to pin down so i havent been able to get a reason for the decline yet.

i bank with BoS (so under the whole lloyds umbrella, indirectly i bank with halifax) so i have been tempted to phone up and ask myself the reason for the decline. worth a shot? or should i just keep trying my broker?

19ardagh70

kingstreet wrote: »

Their application has not yet been submitted and with Halifax it falls into MMR if a full application was not submitted before 14 April.

Fair enough if it hasn't been submitted..although I thought the MMR came in on the 25th April ??

Thrugelmir

19ardagh70 wrote: »

Fair enough if it hasn't been submitted..although I thought the MMR came in on the 25th April ??

Some building societies adopted the new rules a while back. Now it's mandatory. Lenders can adopt tighter criteria than the regulatory minimum. HSBC maintained high underwriting standards throughout the credit boom era.