MMR- how stringent? with Halifax

Ryan1983

Hi, I posted a thread here about a week ago about my current situation as a FTB.

Application to Halifax submitted 9/4, and valuation comepleted 17/4 with no anomalies. I am now just waiting on Halifax to send the mortgage offer out for my solicitor but this is where it's getting very sticky. Halifax are having an issue with their system and their underwriters are having issues processing my application due a technical glitch (known as Top Box I believe). After countless phone calls between my broker, Halifax and their complaints team, 3 weeks later I am still no better off and as my application was submitted pre-MMR regs, they now think I might have resubmit my application through MMR.

I have no problem with this, except my broker is anxious that Halifax may reduce their offer due to the new stringent rules with regards to affordability. She processed an application through MMR with a couple who were FTB, and it came back £53k less than their AIP!!!

My AIP was for £145k, and my property purchase price is for £125k. They check affordabilty and look for patterns with direct debits. I only have 2, £35 phone and £55 car insurance. Not much, right.

My broker seems to think we should wait until Halifax can fix their IT issues and hope the underwriters can get past this technical glitch, but we have no timescale as to when they think they can fix it. The guy at Halifax seems to think we should re-process my application under MMR. I am completely in limbo land!! Is anyone experiencing this issue with Halifax, or even gone through the MMR process?

Any advice gratefully received! The sellers are getting anxious and I don't want them to remarket the flat!!

Thanks